中国企业债务的重要特征与近期演变

钟宁桦; 陈婉怡; 解咪

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December 2021

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Citation: Ninghua ZHONG, Wanyi CHEN and Mi XIE. Features and Recent Evolution of Corporate Debt in China[J]. Academic Monthly, 2021, 53(10): 77-87. shu

Features and Recent Evolution of Corporate Debt in China

Corresponding author: Mi XIE,

Abstract

This paper examines the important features and recent evolution of China’s corporate debt, paying particular attention to the impact of supply-side structural reforms and of COVID-19 on corporate debt. First, we find that the non-financial corporate sector is the main driver of the rapid rise in China’s total debt-to-GDP ratio since 2008, unlike the U. S., where the household sector borrows the most. More importantly, China’s corporate debt is found highly “structural”, due to its large concentration in a fraction of firms. What is worth noting is that the supply-side structural reforms implemented since 2015 have effectively reduced the debt ratios of SOEs and improved their performance. Meanwhile, the impact of COVID-19 on the deleveraging process in China appears limited. It is crucial to mitigate China’s corporate debt risks by deepening capital market reforms to increase the share of direct financing for enterprises and simultaneously accelerating SOE reforms.
- corporate debt,
- supply-side structural reform,
- COVID-19
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沈阳化工大学材料科学与工程学院沈阳 110142

Features and Recent Evolution of Corporate Debt in China

Corresponding author: Mi XIE,

Available Online: 2021-10-20

Abstract: This paper examines the important features and recent evolution of China’s corporate debt, paying particular attention to the impact of supply-side structural reforms and of COVID-19 on corporate debt. First, we find that the non-financial corporate sector is the main driver of the rapid rise in China’s total debt-to-GDP ratio since 2008, unlike the U. S., where the household sector borrows the most. More importantly, China’s corporate debt is found highly “structural”, due to its large concentration in a fraction of firms. What is worth noting is that the supply-side structural reforms implemented since 2015 have effectively reduced the debt ratios of SOEs and improved their performance. Meanwhile, the impact of COVID-19 on the deleveraging process in China appears limited. It is crucial to mitigate China’s corporate debt risks by deepening capital market reforms to increase the share of direct financing for enterprises and simultaneously accelerating SOE reforms.