Modernizing China
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China is at a critical juncture in its economic transformation as it tries to rebalance what is generally seen as an exhausted growth model. A unifying theme ac
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Resolving China's Zombies: Tackling Debt and Raising Productivity
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Nonviable “zombie” firms have become a key concern in China. Using novel firm-level industrial survey data, this paper illustrates the central role of zombi
Resolving China’s Corporate Debt Problem
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Corporate credit growth in China has been excessive in recent years. This credit boom is related to the large increase in investment after the Global Financial
China's Local Government Bond Market
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Local governments play a significant role in China’s public finance and fiscal operations. The size of local government debt has grown rapidly over the past y
