五千年(敝帚自珍)

主题:银行的好日子结束了 -- zhuhit

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家园 local debts

1. Most of those projects have poor oversight and more importantly, poor future cash flows. Some were rushed out during 2009.

2. During 2001-2007, China uses high growth and inflation to solve some past local debt deliquency problem. Nobody learns lessons and there is little institutional infrastructure to manage those local debts.

China will have to use inflation to solve those debt problems again. But without high growth, high inflation and monetary expansion becomes increasing destabilizing and difficult.

Wait and see. At certain moment, when the press have to tell you the truth, even I might be shocked by the scale of problem. Right now, I guess even the premier has no accurate data.

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