Putting China's Corporate Debt into Perspective

China Recalibrates Monetary Policy (& Video)

China’s Q2 GDP/Policy Easing/SOE Reform/P2P Platforms and Rural Banks in Trouble/Investment Plans

Senior Macro Strategist, TS Lombard

Martin Shenfield

Senior Macro Strategist

Research covering economic, politics & markets

TS Lombard

TS Lombard is the new research group formed through the merger of Lombard Street Research and Trusted Sources in August 2016. The merger has brought together two of the leading, and longest established, IRPs to create a unique offering combining best-in-breed macroeconomic forecasting and political and policy analysis. The group has a team of 25 analysts and strategists across offices in London, New York, Hong Kong, Beijing, Sao Paulo and New Delhi. 

LSR was founded in 1989 to produce UK economic forecasts. Services now include global macro analysis and forecasting,  in depth China coverage, proprietary indicators and models, asset allocation recommendations and tactical trading ideas. LSR ranked above BCA for the first time in the 2016 Extel survey of buy-side investors. 

Trusted Sources was founded in 2006 to provide political risk coverage of BRIC economies. Services now include country political risk coverage, in depth China policy coverage, MENA coverage, LatAm coverage, South East Asia coverage and asset allocation and tactical trading ideas. 

Core research capabilities: 
The framework combines macroeconomic forecasts with political and policy analysis to enable investors to make more fully informed allocations. TS Lombard encourages interaction with their team through on-site meetings and calls, conference calls, video presentations, lunches and conferences.  The group provides tailored services through client-specific combinations of research reports (daily, weekly, fortnightly, monthly and quarterly as appropriate) including: 

China In Depth
LSR Daily Note
LSR View
Macro Picture
Asset Allocation
Macro Strategy
Country Policy/Political Notes
EM Strategy Monthly
EM Absolute Views

Geographic coverage and strategies:
Developed Markets (USA, Europe, UK, Japan), Emerging Markets (China, India, SE Asia, LatAm, MENA, Russia), Strategies (Asset Allocation (6 months), Tactical Trade ideas (6-12 weeks)). 


Macroeconomics

<div class="content-highlight">
<p>Recent comments by the PBoC Governor Zhou  Xiaochuan have resuscitated the China debt debate but these were as ever non-time specific &amp; more in the nature of a general warning.</p>
<p>We note that some of the most prominent foreign China ‘Minsky Moment’ bears (no names no pack drill!) have been &amp; remain longstanding stale bears/’stopped clocks’.</p>
<p>This does not mean that China’s rapid accumulation of debt is not a huge risk, not least in terms of the massive misallocation of capital it represents &amp; hence…</p>
</div>


Recent comments by the PBoC Governor Zhou  Xiaochuan have resuscitated the China debt debate but these were as ever non-time specific &amp; more in the nature of a general warning.
We note that some of the most prominent foreign China ‘Minsky Moment’ bears (no names no pack drill!) have been &amp; remain longstanding stale bears/’stopped clocks’.
This does not mean that China’s rapid accumulation of debt is not a huge risk, not least in terms of the massive misallocation of capital it represents &amp; hence…


Why China Is Not on a Minsky Brink