John Overmyer

Atenas en China

BEIJING – Mientras algunas zonas del mundo afrontan las secuelas de la crisis financiera o una crisis incipiente de deuda soberana, China afronta el riesgo de un recalentamiento o una burbuja de activos o ambas cosas.

Muchos factores pueden estar impulsando la economía de China en esa dirección. Uno de los más preocupantes es el mismo que avivó la crisis actual en la zona del euro: una deuda pública disparada. En la zona del euro, el problema es la deuda soberana de los países miembros; en China, el problema es el endeudamiento vinculado con las administraciones locales.

En la zona del euro, un sistema hinchado de asistencia social, en particular por la población de jubilados, que aumenta rápidamente, y la desaceleración económica causada por la crisis financiera son componentes fundamentales del problema estructural de la deuda. En China, los funcionarios locales aumentaron el endeudamiento para velar por que las tasas de crecimiento económico de sus regiones siguieran siendo de dos cifras.

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