Eno izmed dveh ključnih sporočil spodnjega komentarja, kot je pravilno opozoril Marko, je dejstvo, da Kitajska ne more zapasti v finančno krizo zahodnega tipa. Zaradi sistemskih razlogov, ker pač država kontrolira vse – centralno banko, največje poslovne banke, slabe banke in lokalne skupnosti. Z dobrim makro menedžmentom jim lahko odredi, kaj morajo narediti, da ne pride do krize. Kar je v sistemu z zasevnim lastništvom in decentraliziranimi subjekti izjemno težko. Ta odstavek je ključen:
There is not going to be a financial crash in China. That’s because the government controls the financial levers of power: the central bank, the big four state-owned commercial banks which are the largest banks in the world, and the so-called ‘bad banks’, which absorb bad loans, big asset managers, most of the largest companies. The government can order the big four banks to exchange defaulted loans for equity stakes and forget them. It can tell the central bank, the People’s Bank of China, to do whatever it takes. It can tell state-owned asset managers and pension funds to buy shares and bonds to prop up prices and to fund companies. It can tell the state bad banks to buy bad debt from commercial banks. It can get local governments to take up the property projects to completion. So a financial crisis is ruled out because the state controls the banking system.
Kar a seveda ne pomeni, da se Kitajska ne bliža težavam zaradi vse težjega obvladovanja decentraliziranih poslovnih subjektov, ki maksimirajo zgolj svoje dobičke.
Once again, Western ‘experts’ are predicting a financial crash in China. “China is flailing”, says one commentator; another says “a debt bomb is about to explode”. These would-be Cassandras reckon China’s demise will be driven by the bursting of the property bubble, excessive debt and the grinding down of the economy due to the government’s “terrible” ‘zero-COVID’ policy that keeps parts of the country in permanent lockdowns. And then of course, there are the growing restrictions on China’s exports and its investments abroad, imposed by the US and supposedly backed by its allies in Asia.
How much truth is there in this latest batch of critiques on China’s economic progress? The property crisis has reached dangerous levels. Last year, Evergrande, China’s second-largest private property developer was close to bankruptcy. The Evergrande property model is essentially a Ponzi scheme, where the company collects cash from the pre-sale of an…
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