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Partner

Patrick Eng

Sparkill & Co

Credit

<p>2020 is finally over. We now have to look forward to 2021. I will leave you with one last thought different than the consensus on China’s total social financing (“TSF”) growth. Many still believe that growth in China’s debt to GDP is unproductive. This so-called unproductive use of capital can only lead to non-performing debt. But many are missing other ingredients to dismiss this theory.</p>

2020 is finally over. We now have to look forward to 2021. I will leave you with one last thought different than the consensus on China’s total social financing (“TSF”) growth. Many still believe that growth in China’s debt to GDP is unproductive. This so-called unproductive use of capital can only lead to non-performing debt. But many are missing other ingredients to dismiss this theory.

China: COVID Accelerating China’s Capital Markets–Total Social Financing Should Be Good In A Crisis