China Beige Book on signs that China may be moving towards deleveraging again

CNBC cite a first-quarter survey by the China Beige Book

  • found that borrowing by state-owned enterprises dropped to the lowest in the study’s roughly 10-year history

China Beige Book Managing Director Shehzad Qazi noted therefore:

  • Given ties to the state, the government-linked companies are the “best signal” on authorities’ policy intent
  • says more quarterly data will be needed to tell whether China has fully in a “deleveraging” mode again
  • but that there are other signs that authorities are trying to control debt.

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China Beige Book adapts methodology used by the U.S. Federal Reserve’s “Beige Book” 

  • a quarterly report
  • uses quantitative & qualitative data to track conditions within the Chinese economy

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