China’s central and local governments are projected to reach debt of CNY 1.4 trillion (approximately $210 billion) in 2026, compared with CNY 348 billion (some $52 billion) in 2014 — a more than fourfold surge in just over a decade. China’s debt-to-GDP ratio stands now at 100%, up from 39% in 20214. The country’s total debt (public + private} stands well over 310%, surpassing the U.S.’ 265%.
As a result, debt servicing alone accounts for 19.2% of this year’s central government general public budget, up from 12% recorded in 2014.
At the same time, the number of billionaires in China has risen by 20% over the last year alone, while wealth inequality has been rising in China particularly in the last ten years and already reached U.S. levels (inequality in Europe is far lower than in the U.S. and China, btw).
Youth unemployment has reached unprecedented levels, and almost half of the employed people in China - 44% - are working in the gig economy.
China’s central and local governments are projected to reach debt of CNY 1.4 trillion (approximately $210 billion) in 2026, compared with CNY 348 billion (some $52 billion) in 2014 — a more than fourfold surge in just over a decade. China’s debt-to-GDP ratio stands now at 100%, up from 39% in 20214. The country’s total debt (public + private} stands well over 310%, surpassing the U.S.’ 265%.
As a result, debt servicing alone accounts for 19.2% of this year’s central government general public budget, up from 12% recorded in 2014.
At the same time, the number of billionaires in China has risen by 20% over the last year alone, while wealth inequality has been rising in China particularly in the last ten years and already reached U.S. levels (inequality in Europe is far lower than in the U.S. and China, btw).
Youth unemployment has reached unprecedented levels, and almost half of the employed people in China - 44% - are working in the gig economy.
Who pays for this economic policy?
[Edit typo.]
So it’s the average joe/jane paying for this.
I think this is a good guess.