Heard on the Street: Any sign that China is weaning itself off unsustainable credit booms deserves some celebration
By Mike Bird Aug. 14, 2019 2:49 am ET If China is opening the financial floodgates to counter a domestic slowdown and escalating trade tensions, there’s no sign of it in July’s feeble data.
The knee-jerk impulse to flood the economy with credit and goose business activity clearly isn’t as strong as it once was. Banks issued 1.06 trillion yuan in new loans in July, also lower than forecast. The efficiency of new borrowing has already declined dramatically. In 2008, China needed around 6.5 trillion yuan in loans to raise nominal GDP by around 5 trillion yuan a year, according to International Monetary Fund research published last year. By 2016, it needed 20 trillion yuan of extra lending to generate the same expansion.
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