China’s debt as a percentage of its economy hit a new peak at the end of June, with local authorities being forced to borrow heavily to support the country’s Covid-hit economy, Nikkei Asia reported.
The amount of credit to China’s non-financial sector came to $51.87 trillion, or 295% of gross domestic product, at the half-year end – the highest debt-to-GDP ratio in data going back to 1995, statistics released by the Bank for International Settlements revealed according to the report.
Read the full story: Nikkei Asia
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