China’s growing debt burden limits space for economic stimulus - FT中文网
登录×
电子邮件/用户名
密码
记住我
请输入邮箱和密码进行绑定操作:
请输入手机号码,通过短信验证(目前仅支持中国大陆地区的手机号)。如果该手机号尚未注册,将自动创建 FT中文网账号。短信可能需要几分钟送达,验证码15分钟内有效,请耐心等待:
请您阅读我们的用户注册协议和隐私权保护政策,点击下方按钮即视为您接受。
FT商学院

China’s growing debt burden limits space for economic stimulus

Mounting interest payments restrict headroom to revive domestic demand, say experts
00:00

{"text":[[{"start":5.84,"text":"China’s growing debt pile is constraining the government’s fiscal capacity for sweeping new stimulus to revive flagging domestic demand and strengthen economic growth, studies of state finances show."}],[{"start":20.72,"text":"Debt servicing payments alone are expected to account for 19.2 per cent of the central government’s general public budget this year, up from 12 per cent in 2014, according to a new study from the Conference Board."}],[{"start":35.24,"text":"The problem is especially acute at the local government level, where debt interest payments have risen 16 per cent annually over the same period."}],[{"start":44.12,"text":"Together, central and local government debt interest payments are projected to amount to Rmb1.4tn ($209bn) in 2026, up from about Rmb348bn in 2014."}],[{"start":58.48,"text":"“Debt servicing is becoming a material constraint on fiscal space at the local level,” said Yuhan Zhang, principal economist at the Conference Board’s China Center."}],[{"start":68.8,"text":"China’s debt has grown rapidly in recent years as a result of its investment-driven growth model, which relies on state loans and incentives for government-favoured projects. Public debt-to-GDP is set to hit 122 per cent by the end of 2026, up 48 percentage points from its pre-pandemic level, according to Morgan Stanley analysts."}],[{"start":90.8,"text":"Beijing has pledged to do more to stimulate moribund domestic demand, as a five-year property sector slowdown has depressed household and local government finances."}],[{"start":101.18,"text":"Economic growth slipped to 4.3 per cent in the second quarter, below the official full-year target range of 4.5 to 5 per cent, on the back of weakening retail sales and sharp falls in fixed-asset investment."}],[{"start":114.84,"text":"China unveiled some measures late last month, including subsidies for mortgage interest payments and cuts to interest on a funding facility, days after the State Council, or cabinet, called to “intensify” efforts to “implement countercyclical adjustments in macro policies”."}],[{"start":131.96,"text":"Chinese authorities have also increased efforts to claw back taxes on interest and dividends earned from offshore trusts, refilling government coffers by squeezing its wealthiest citizens."}],[{"start":142.16,"text":"But several analysts questioned the impact of the stimulus measures. Barclays described the moves as “a nudge, not a game-changer”, while Goldman Sachs estimated they amounted to a “small” fiscal subsidy of potentially up to Rmb100bn over five years."}],[{"start":159,"text":"“In our view, the policy is likely to fall short of investor expectations,” said John Lam, head of China and Hong Kong property research at UBS, pointing to its housing value cap of Rmb1.5mn."}],[{"start":172.6,"text":"And with China’s export growth, particularly of AI-related electronics, still roaring ahead, Beijing has indicated it will prioritise investing in advanced technology over setting aside significant sums for stimulus as it competes with the US for supremacy in emerging industries."}],[{"start":189.16,"text":"“We must . . . continuously expand and strengthen advanced manufacturing, [and] improve the level of self-reliance,” President Xi Jinping said in instructions conveyed to the National Advanced Manufacturing Conference in Beijing last month."}],[{"start":204.4,"text":"Economists argue that if Beijing wanted to mount a determined stimulus, it could issue extra bonds from the central government, which is considered less indebted than local administrations."}],[{"start":214.48,"text":"But China’s leadership may be reluctant to take on further leverage. While the central government runs a fiscal deficit of about 4 per cent, the augmented deficit, a wider measure of state spending, is running at about 10 per cent of GDP, according to Goldman Sachs."}],[{"start":229.72,"text":"Since the property crisis, the central government has also had to transfer increasing amounts of revenue to lower authorities, which previously relied on land sales for growth."}],[{"start":239.88,"text":"“Spending on debt interest payments rose 341 per cent” between 2013 and 2025, according to the Washington-based Center for Strategic and International Studies, “faster than any other major budget category”."}],[{"start":253.68,"text":"The think-tank noted that about 14 per cent of US government spending went towards interest payments this year while Japan, one of the world’s most indebted governments, spent almost 26 per cent."}],[{"start":264.6,"text":"Zhang at the Conference Board noted that the budget pointed to targeted fiscal support for science, technology and other strategic priorities “rather than a large-scale, broad-based stimulus aimed primarily at boosting near-term growth”."}],[{"start":277.84,"text":"Of central government expenditure, which accounts for 15 per cent of the general public budget, military spending makes up 42 per cent, up from almost 36 per cent in 2014, while the shares of science and technology, education, general public services and social welfare and employment all declined slightly."}],[{"start":298.3,"text":"Social security spending by local governments has also grown to about 18 per cent, as China’s population has aged. Healthcare spending has also increased slightly."}],[{"start":308.44,"text":"Economists said that instead of additional stimulus, Beijing is urging local governments to speed up allocated budget spending this year. Local authorities’ fiscal outlays were slower than expected during the first half."}],[{"start":320.3,"text":"“The policy response will be to speed up the pace of execution, but it will remain within the fiscal budget allocated at the beginning of the year,” said Robin Xing, Morgan Stanley chief China economist."}],[{"start":336.36,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1791700308_8741.mp3"}

版权声明:本文版权归FT中文网所有,未经允许任何单位或个人不得转载,复制或以任何其他方式使用本文全部或部分,侵权必究。

火箭、机器人和风险:马斯克的3.6万亿美元豪赌

全球首富试图促成迄今最大胆的一笔合并交易,但他还需要说服股东和全球监管机构。

埃博拉疫情扩散至西非,世卫组织发布警报

尼日利亚当局正紧急追踪一名本迪布焦型埃博拉病毒检测呈阳性者的数十名密切接触者。

让美国国务卿感兴趣的印度大型炼油厂

在白宫努力应对中期选举前燃油价格高企之际,特朗普的首席外交官鲁比奥将拜访信实工业董事长安巴尼。

投资方寻求退出渠道,运动品牌新贵Castore积极接洽中国买家

获安迪•穆雷爵士和吉姆•拉特克利夫爵士支持的英国品牌正与安踏、李宁及美国鞋履品牌洽谈出售事宜。

中国如何打破西方的电池壁垒

保护主义壁垒不断抬高之际,中国企业正加速打造全球供应链。

伊朗战争使全球石油力量平衡向美洲倾斜

随着买家竞相寻找替代来源,以弥补霍尔木兹海峡航运受阻造成的供应损失,南北美国家的石油投资和产量均大幅增长。
设置字号×
最小
较小
默认
较大
最大
分享×