WSJ reported lately, China’s national debt to GDP ratio
reached 80%. This doesn’t include local governments’
debts and the loans provided to stimulate economy.
Experts said, national debts burdened China’s economy.
The regime printed money to resolve debts and
non-performing loans, resulting in inflation.
Eventually, Chinese people will end up paying the bill.

The WSJ article published on June 21 said, the 1st batch
of non-performing loans provided in 2009 will soon
impact China’s banking system. The CCP authorities
are now considering who should be responsible for
the RMB 2 to 3 trillion yuan non-performing loans.

It also said, the scale of 2009 stimulation almost equals
to that of the reorganization of 4 top China banks.
Ironically, it’s also similar to that of the 4 trillion
economy stimulation plan in 2008.

The article obviously irritated Beijing. On June 23,
Xinhua News Agency quoted finance ministry’s
expert Bai Jingming’s refute, saying it overestimated
China’s debts scale and potential risks.

While recent reports from GaveKal Asia, a HK based
research institute, said, China’s national debt-to-GDP
ratio leveled around 80% in the past 19 year.
But in 2010, the ratio rose to 90%.

The report also said that Chinese local governments’
debts to GDP ratio has been higher than that of the U.S.
and Brazil. However, the report believes that China’s
”closed financial system” will not bring China into
the financial crisis like in Greece.

Mao Yushi, a famous Chinese economist: “China has
a unique situation. Chinese banks will not go bankrupt
because the governments are backing them up.
Then, how do they handle the issue of bankruptcy?
By printing currency. What does it mean by a bank
going bankrupt? It is when less money coming in than
going out. What can it do then? Printing the money.

China Central Bank’s statistics show that by Sep. 2010,
additional RMB43,000 billion yuan is in circulation.
A June 23 WSJ article said, Chinese families are under
heavy burdens of unknowingly paying for the debts of
the regime not in the case of an economic crisis.

Economist Xie Guozhong said, the agri-food price hike
is the consequence of Central Bank’s issuance of
excessive currency. The excessive liquidity accumulated
over the years is freely moving around the market,
rendering Chinese economy rather vulnerable to inflation.

Caoan Jushi (financial commentator): “The CCP has
a huge amount of national debts, but inflation indirectly
dilutes its debts. This is why the CCP wants to maintain
a certain inflation rate, which is equal to rob the citizens.”

On June 1, Reuters reported China Banking Regulatory
Commission, Ministry of Finance and Development and
Reform Commission plan to clean up local government
debts and bad loans between June and Sept.
totaling about 200-300 million yuan.

According to a forecast by Samsung Economic Research
Institute in China, by the end of this year, debts of
local governments will reach 12.5 trillion yuan,
almost one-third of China’s GDP last year. Meanwhile,
a large portion will enter the repayment period
between 2011 and 2013. China’s debt crisis can
break out in two or three years.

Mao Yushi: “The final outcome is printing money,
that is what will happen in China; If it is in the U.S.
there’ll be bank failures, but China won’t have bank failures
It’s impossible that the bad loan problem will disappear
as if nothing has ever happened. Who will pay for
these bad loans? Nobody, but the Chinese citizens.

WSJ also carried an article by Li Xunlei, assoc. director,
Securities Assoc. of China, saying interest hike is
the best way to control the real estate bubble.
Once the bubble is burst, the local governments
will have difficulty renewing their revenues,
causing the debt chain to break and non-performing
loans to increase, or even financial crisis to occur.
He believes the local governments’ debts
have undermined Chinese economy.

International Financial Times reported on June 22,
some economists worry that even if China’s economy
takes soft landing, the mounting debts of the local
governments will cripple Chinese economy for years.

NTD reporters Chang Chun, Li Yuanhan and Xiao Yu

2011
http://www.ShenYunPerformingArts.org/

Duration : 0:4:21

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