Parálisis en el sector financiero de China

BEIJING - Incluso en las mejores épocas, para las pequeñas y medianas empresas de China es difícil obtener préstamos bancarios. Sin embargo, con el régimen actual de austeridad del crédito, impuesto para contener el recalentamiento económico y las presiones inflacionarias, que empeoran las condiciones para las PYME, el sector financiero (el que menos ha sido objeto de reformas en China) ahora está sofocando el motor del dinamismo económico del país.

En tiempos normales, el mercado financiero informal ayuda a las PYME a salir del paso, pero los recientes problemas de Wenzhou, ciudad del sur de la provincia de Zhejiang, famosa por su dinámica economía privada, han demostrado que el mercado financiero informal puede ser muy volátil y poco fiable. Varios grandes prestamistas se fugaron con una gran cantidad de depósitos, y los impagos por parte de empresas normales se han convertido en una seria preocupación. Las cosas han empeorado tanto que han merecido una visita del primer ministro Wen Jiabao.

Las reservas oficiales de divisas de China están aumentando a un ritmo de alrededor de mil millones de dólares por día hábil, y casi todas ellas se utilizan para comprar bonos del Tesoro de EE.UU. y otros activos internacionales que tienen una mínima tasa de rentabilidad. Al mismo tiempo, alrededor del 40% de los ahorros bancarios de China no se prestan. Uno podría pensar que, por lo tanto, la rentabilidad del capital es baja en China, pero se equivocaría: los estudios han demostrado que la tasa de rendimiento del capital supera el 10% desde finales de los años 90.

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