By Dali L. Yang (eds.)
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Extra resources for The Global Recession and China’s Political Economy
Sample text
The real damage has been done through the erosion of the government’s credibility in its promise to make banks responsible for their own profits and losses after managing their own risk. Second, the government, more or less intentionally, expanded the number of financially unsound local government investment corporations, as referred to previously. Not for the first time, financially flimsy (and sometimes shady) local government investment corporations proliferated in the Chinese economy. Again, this re-created a problem that had been reasonably effectively dealt with in the past; and in so doing, it lowered the government’s credibility for resolving the problem in the future.
These explicit policies designed to ease provision of credit were mixed with the urgency and politicization of the stimulus itself. This potent combination sent a powerful signal to banks that they are expected to rapidly ramp up lending, and suggested to bank loan officers that they would not be held accountable for the loans they made. 1 1 Note: Consumer Price Index: China National Bureau of Statistics. cn/tjsj/ Growth of domestic credit bank lending: People’s Bank of China. html. 1). This explosive growth of bank credit was the real Chinese stimulus response.
40 In 2009, however, the central firms bounced back. Once the Chinese central government began to unleash its massive stimulus program, the central government-controlled behemoths became the major beneficiaries of that program while numerous export-dependent firms, mostly private, fell victim to the slump in global trade. 42 With the global economy still in slump then, it was not surprising that the relative standing of the state-controlled giants also gained while the likes of AIG, Citi Group, and GM were in emergency care.