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China’s credit binge is the real concern

First published: Financial Times, 11/01/2016

Massive accumulation of debt has received passive attention at most

The volatility in China’s equity and currency markets in the first week of 2016 was reminiscent of August 2015, but more serious.

Even though the Chinese equity market doesn’t actually matter that much fundamentally to China or to the global economy, financial policy and the drip-feed depreciation of the renminbi matter a lot. There is a rising anxiety about the credibility of policymakers and regulators, and also about the state of the economy, the reform agenda and now a looming credit crisis….Read more: