Heard on the Street: To revive growth, China needs to take potentially painful steps to reform its interest-rate system
The cash needed to patch the holes in Chinese banks’ balance sheets probably isn’t far from the half-trillion-dollar U.S. government bank bailout after the financial crisis. But that staggering sum alone may be only the beginning of the pain.
Beijing’s half-hearted fixes since China’s deep downturn in 2015 have helped stave off an immediate financial crisis, but they severely damaged the dynamic private companies that drive growth. What’s really needed is far harder: overhauling a dysfunctional interest-rate system that breeds...
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