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China debt overhang leads to rising share of ‘zombie’ firms

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  • J. Scott Davis
  • Brendan Kelly

Abstract

China’s private sector debt ballooned from 2008 through 2016, among the largest and most sustained such increases historically. Notably, this Chinese credit growth was financed entirely from domestic savings, unlike many other examples of rapid credit expansion elsewhere.

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Handle: RePEc:fip:d00001:102285
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File URL: https://www.dallasfed.org/research/economics/2025/1223
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