La Paralisi del Sistema Finanziario Cinese

PECHINO – Anche nei tempi migliori è difficile per le piccole e medie imprese cinesi ottenere prestiti bancari. Ma con l’attuale regime di austerità creditizia, imposto per contenere il surriscaldamento dell’economia e la pressione inflazionistica, rendendo più aspre le condizioni per le PMI, il settore finanziario –il settore cinese meno riformato- sta ora soffocando il cuore pulsante del dinamismo economico del paese.

In tempi normali, il mercato finanziario informale aiuta la PMI ad andare avanti; ma le disavventure di Wenzhou, una cittadina nella provincia dello Zhejiang meridionale rinomata per la sua disinvolta economia privata, hanno dimostrato che il mercato finanziario informale può essere molto volatile ed inaffidabile. Molti dei creditori più importanti si siano dileguati con una grande quantità dei depositi, ed il fallimento di aziende ordinarie è diventato un serio problema. La situazione si è deteriorata al punto tale da giustificare una visita del Premier Wen Jiabao.

Le riserve ufficiali in valuta estera della Cina aumentano ad un ritmo di circa 1 miliardo di dollari per giorno-lavorativo, la quasi totalità dei quali viene utilizzato per acquistare titoli del Tesoro americani, ed altri titoli internazionali che comportano un tasso minimo di rendimento. Allo tempo stesso, circa il 40% del risparmio bancario cinese non viene accreditato. Si potrebbe dunque pensare che i rendimenti del capitale in Cina siano bassi. Ma ci si sbaglierebbe: diversi studi hanno dimostrato che il tasso di rendimento del capitale si trova al di sopra il 10% dalla fine degli anni ’90.

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