Market Chaos and the Inadequacies of Deleveraging

Discussion about the reform of China’s financial system routinely gets boiled down to one word: deleveraging. And yet, while halting the accumulation of debt—whether it be in absolute terms, or relative to the size of the economy—is vital to bringing financial risk under control, it represents only one part of what Beijing is trying to achieve. China’s leaders see the … http://bit.ly/2FWn6Vk

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