未雨绸缪:正视中国债务风险

China's Debt Risks and Finding A Sustainable Solution

相较发达经济体在反危机中更多地通过政府和货币当局资产负债表的扩张来完成经济的复苏,中国则是政府、企业和居民共同参与了政府主导下的反危机调整,尤其是企业和居民在中国特有的信用创造机制下,快速扩张自身的资产负债表。我们需正视中国债务的杠杆风险,并探索未来中国债务的可持续的路径。

In the aftermath of the fnancial crisis, policymakers in the advanced economies have been trying to promote economic recovery by expanding the balance sheet of both government and monetary authorities. In China, by contrast, there has been a government-led effort that also includes enterprises and residents. In particular, enterprises and residents have rapidly expanded their balance sheet under China's unique credit creation mechanism. The paper argues that we need to face up to the leverage risk from China's debt, and explore a sustainable path for these obligations.