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إعادة قياس ارتفاع جبل الديون الصيني

مونتريال ــ هناك إجماع واسع النطاق على حقيقتين بشأن الاقتصاد الصيني. الحقيقة الأولى هي أن التباطؤ انتهى وبدأ النمو ينتعش. والثانية أن ليس كل شيء على ما يرام من الناحية المالية. ولكن ليس هناك أي اتفاق حول ما قد يحدث لاحقا.

الخبر السار هنا هو أن الطلب المحلي يواصل النمو. فقد ارتفعت مبيعات السيارات بما يقرب من 10% في مارس/آذار مقارنة بنفس الشهر في عام 2015. كما سجل الإنفاق في قطاع التجزئة نموا بلغ 10% في الربع الأول من العام الحالي مقارنة بنفس الفترة من العام الماضي.

بيد أن الزيادة الأكثر إبهارا كانت في الاستثمار. فقد عاد الاستثمار العقاري إلى النمو مرة أخرى، بعد انهياره في عام 2015. وكان الاستثمار الصناعي، وخاصة من قِبَل الدولة، في ارتفاع بقوة.

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