China is awash in a credit stimulus that is bigger as a proportion of GDP than the one that Beijing unleashed to haul the economy out of trouble in the aftermath of the 2008/2009 financial crisis.
But this time around, the deluge is failing to boost growth in an economy already saturated with liquidity, a new statistical study shows.
The world’s second-largest economy is currently using four units of credit to generate a single unit of GDP growth (see chart), according to data research by Brandon Emmerich, general manager for North America at Wind Information, a data provider.
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