People's Republic of China: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the People's Republic of China

China has enjoyed decades of impressive growth, which has significantly improved living standards and largely eradicated extreme poverty.
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Volume/Issue: Volume 2024 Issue 038
Publication date: February 2024
ISBN: 9798400266119
$20.00
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Topics covered in this book

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Finance , Money and Monetary Policy , Public Finance , Business and Economics - Statistics , International - Economics , property market , nominal GDP , state-administered SOE funds , local government , pro-market reform , Financial sector , Financial sector stability , Global

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Summary

China has enjoyed decades of impressive growth, which has significantly improved living standards and largely eradicated extreme poverty. The growth has, however, been accompanied by widening imbalances and rising vulnerabilities, as excessive investment in infrastructure and housing has resulted in rising debt levels among property developers, local governments (LG), and local government financing vehicles (LGFVs). The authorities have proactively sought to contain developer leverage. This has contributed to a significant, but needed, adjustment in the property market that continues to weigh on economic activity, including through its impact on LG finances. Amid these structural challenges, the authorities have appropriately announced their goal to transition to high quality growth while tackling risks from the property sector and LG debt.

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