{"id":2578,"date":"2018-05-17T18:48:17","date_gmt":"2018-05-18T00:48:17","guid":{"rendered":"https:\/\/trends.ufm.edu\/en\/?post_type=newsletter&#038;p=2578"},"modified":"2018-05-17T20:01:49","modified_gmt":"2018-05-18T02:01:49","slug":"china-s1-2018","status":"publish","type":"newsletter","link":"https:\/\/trends.ufm.edu\/en\/report\/china-s1-2018\/","title":{"rendered":"China\u2019s Private Sector Strong Despite Overleveraged State-Owned Enterprises"},"content":{"rendered":"<h3>Contents<\/h3>\n<ul>\n<li>Economic activity<\/li>\n<li>Consumer and producer prices<\/li>\n<li>Real estate prices<\/li>\n<li>Exchange rate<\/li>\n<li>Stock market<\/li>\n<li>Yield curve<\/li>\n<li>Credit growth<\/li>\n<li>Monetary aggregates<\/li>\n<li>Balance of trade<\/li>\n<li>Foreign exchange reserves<\/li>\n<li>General outlook<\/li>\n<\/ul>\n<h3>Author<\/h3>\n<ul>\n<li><b>Olav Dirkmaat<br \/><\/b>Olav Dirkmaat is professor\u00a0in economics at the Business School of Universidad Francisco Marroqu\u00edn. Before, he was VP at\u00a0<strong><a href=\"https:\/\/www.nxchange.com\" target=\"_blank\">Nxchange<\/a>\u00a0<\/strong>and precious metals analyst at\u00a0<strong><a href=\"https:\/\/www.goldrepublic.nl\" target=\"_blank\">GoldRepublic<\/a><\/strong>. He is also a PhD candidate in Economics at the Rey Juan Carlos University in Madrid. He has a master in Austrian Economics from the same university, as well as a master in Marketing from the VU University in Amsterdam. He\u00a0is also the translator of Human Action of Ludwig von Mises into Dutch. He has a lifelong passion for investing, currently\u00a0manages funds for relatives, looking for investment opportunities in markets that are extremely over- or undervalued.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>The Chinese growth miracle will not come to an end anytime soon. Even though some indicators point to a slight slowdown in consumption growth, industrial activity, cyclical consumer demand growth and credit growth, the Chinese economy continues to grow at an astonishing rate. Moreover, increasingly less capital is fleeing the country and capital flight seems to have peaked in 2016.<\/p>\n<p>Yet two important underlying risks are present and worsening. First, highly indebted state-owned enterprises are a source of potential instability. The Chinese government has begun to selectively default on such state-controlled businesses (especially by local governments). Second, the Chinese private sector, especially the shadow banking system, has been financing itself at an increasing rate with dollar-denominated debt. An appreciating U.S. dollar is therefore bad news for the Chinese banking system and jeopardizes future economic growth.<\/p>\n","protected":false},"author":132,"featured_media":2581,"menu_order":0,"template":"","meta":{"anio":"2018","mes":"January - June","id_estadisticas":"stat-china-s1-2018","newsletter_link":"https:\/\/trends.ufm.edu\/en\/wp-content\/uploads\/2018\/05\/china-2018s1-ufm-market-trends.pdf","portada_informe":"https:\/\/trends.ufm.edu\/en\/wp-content\/uploads\/2018\/05\/china-s1-2018.png","subtitulo":"China S1 2018 Report","footnotes":""},"tags":[174,8],"class_list":["post-2578","newsletter","type-newsletter","status-publish","has-post-thumbnail","hentry","tag-174","tag-china"],"_links":{"self":[{"href":"https:\/\/trends.ufm.edu\/en\/wp-json\/wp\/v2\/newsletter\/2578","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/trends.ufm.edu\/en\/wp-json\/wp\/v2\/newsletter"}],"about":[{"href":"https:\/\/trends.ufm.edu\/en\/wp-json\/wp\/v2\/types\/newsletter"}],"author":[{"embeddable":true,"href":"https:\/\/trends.ufm.edu\/en\/wp-json\/wp\/v2\/users\/132"}],"version-history":[{"count":1,"href":"https:\/\/trends.ufm.edu\/en\/wp-json\/wp\/v2\/newsletter\/2578\/revisions"}],"predecessor-version":[{"id":2579,"href":"https:\/\/trends.ufm.edu\/en\/wp-json\/wp\/v2\/newsletter\/2578\/revisions\/2579"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/trends.ufm.edu\/en\/wp-json\/wp\/v2\/media\/2581"}],"wp:attachment":[{"href":"https:\/\/trends.ufm.edu\/en\/wp-json\/wp\/v2\/media?parent=2578"}],"wp:term":[{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/trends.ufm.edu\/en\/wp-json\/wp\/v2\/tags?post=2578"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}