what pakistan And China has started on the way of Sri Lanka? Can China also go bankrupt? It is not us but a leading daily newspaper of America said this in its news. The ‘Wall Street Journal’ (WSG) wrote in its big news on Sunday that economists now believe that China is entering an era of very slow growth. The situation is made worse by unfavorable demographics and growing distance with the US and its allies, which is threatening foreign investment and trade. ‘Now the (economic) model has crumbled,’ said the financial daily. The ‘Wall Street Journal’ quoted Adam Toze, professor of history at Columbia University and expert on economic crises, as saying that we are witnessing the most dramatic change in economic history.
40 years of successful growth model crumbled
China’s economy, the world’s second largest, is now in deep trouble and its 40-year successful growth model has crumbled. It was said in the news that this is not only a period of economic weakness, but its effect can be seen for a long time. The report cited data from the Bank for International Settlements as saying that the total debt, including various levels of government and state-owned companies’ debt, was expected to reach nearly 300 percent of China’s GDP by 2022, surpassing the US level. Went.
China’s debt burden increased rapidly
This was less than 200 percent in 2012. On the other hand, China’s National Bureau of Statistics (NBS) said in June that China’s gross domestic product (GDP) grew by 5.5 percent year-on-year in the first half (H1) of 2023. China’s GDP in the first half stood at 59,300 billion yuan.
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