China's financial "China Syndrome"
The YouTube video below, viewed today, is disturbing in its implications not only for China but for our interconnected world economy.
According to the presenter China’s debt-to-GDP is far higher than commonly understood (c. 50%), because we must also take into account local government debt and debt taken on by corporate business. The national government is progressively absorbing quantities of the last two in order to disguise their potential bankruptcy.
The total debt load is equivalent to over 300% of GDP. At the same time China’s foreign debtors are running into difficulty and they may fail to service the loans China granted them.
The economy that has seen such dazzling growth has been supported by revenues from land sales and they have declined sharply. Internal consumer demand and international trade are also affected by worry and pessimism.
In the 1979 disaster movie “The China Syndrome” a nuclear power station malfunctions and threatens a meltdown (the title exaggeratedly implies a really deep one!) Already ballooning debt plagues the US, UK and many other developed countries. Maybe China will encounter a financial crisis it cannot hide or overcome; but maybe a collapse elsewhere could be the trigger instead.
For us the lesson is not to gloat at Beijing’s problems but to hope for the best and to prepare to retrench.
Source: http://theylaughedatnoah.blogspot.com/2026/06/chinas-financial-china-syndrome.html
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