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Piece by Piece: SOE Reform is Among China’s Biggest Challenges

November 1, 2017 By Tom Nunlist

For the past few years, China has been pursuing a new and ambitious state-owned enterprise (SOE) reform program. SEOs are huge in terms of size, yet they only provide 16% of jobs, less than a third of national economic output, and a return on assets of only 2.9%. Hugely inefficient, debt-ridden and responsible for most of China’s ballooning corporate debt, SOEs are a drag on an economy that Beijing wants to transition—unlike past efforts which is about privatization, but just the opposite—from investment and export-driven to services and consumption-driven.

Filed Under: All Articles, China, Chinese Economy, Know China Tagged With: Corporate Debt, Reform, SOEs, Structural Reform

Chinese Corporate Debt: China’s Red Inc.

October 3, 2016 By Douglas Bulloch

China’s corporate debt is rising fast, and is estimated to be between 145% and 170% of GDP, which is “very high by any measure,” according to the IMF. In most countries this would herald a wave of bankruptcies and be considered a lead indicator for an imminent correction. But in China, analysts are not so sure because the government has a high level of control and a low tolerance for slow growth. People also believe there will not be an imminent financial crisis because the government is the ultimate underwriter.

Filed Under: All Articles, Chinese Economy, Economy, Know China Tagged With: Corporate Debt, Debt

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Information, analysis, and interviews about the Chinese economy and doing business in China, from the people who know it best. Presented by the Cheung Kong Graduate School of Business, China's leading business school.


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