New signs show that China is cracking down on debt again


A woman walks past the headquarters of the People’s Bank of China in Beijing, China.

Jason Lee | Reuters

BEIJING — Data for the year so far show signs that China is starting to crack down on debt.

A first-quarter survey by the China Beige Book released Thursday found that borrowing by state-owned enterprises dropped to the lowest in the study’s roughly 10-year history. Overall borrowing fell to its lowest in three years, while that of large firms hit a five-year low, the report said.

Given ties to the state, the government-linked companies are the “best signal” on authorities’ policy intent, China Beige Book Managing Director Shehzad Qazi said in a note. The company conducts quarterly…


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