onsdag 9. januar 2019

US relationship is just part of China’s economic dilemma

Xiang Songzuo’s speech was just 25 minutes long. But the comments made by the professor of Renmin University’s School of Finance look certain to remain relevant long after his address is consigned to academic history. In a far-reaching assessment, he talked about China’s slowing economy, rampant speculation and debt, and the fallout from the trade war with the United States.

“Basically, China’s economy is all built on speculation, and everything is over-leveraged,” the former chief economist of the Agricultural Bank of China, one of the big four lenders, told a seminar at the Renmin Business School at the end of last month.