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.

To continue reading, please log in or enter your email address.

Registration is quick and easy and requires only your email address. If you already have an account with us, please log in. Or subscribe now for unlimited access.

required

Log in

http://prosyn.org/ORt7pXW/es;
  1. Patrick Kovarik/Getty Images

    The Summit of Climate Hopes

    Presidents, prime ministers, and policymakers gather in Paris today for the One Planet Summit. But with no senior US representative attending, is the 2015 Paris climate agreement still viable?

  2. Trump greets his supporters The Washington Post/Getty Images

    Populist Plutocracy and the Future of America

    • In the first year of his presidency, Donald Trump has consistently sold out the blue-collar, socially conservative whites who brought him to power, while pursuing policies to enrich his fellow plutocrats. 

    • Sooner or later, Trump's core supporters will wake up to this fact, so it is worth asking how far he might go to keep them on his side.
  3. Agents are bidding on at the auction of Leonardo da Vinci's 'Salvator Mundi' Eduardo Munoz Alvarez/Getty Images

    The Man Who Didn’t Save the World

    A Saudi prince has been revealed to be the buyer of Leonardo da Vinci's "Salvator Mundi," for which he spent $450.3 million. Had he given the money to the poor, as the subject of the painting instructed another rich man, he could have restored eyesight to nine million people, or enabled 13 million families to grow 50% more food.

  4.  An inside view of the 'AknRobotics' Anadolu Agency/Getty Images

    Two Myths About Automation

    While many people believe that technological progress and job destruction are accelerating dramatically, there is no evidence of either trend. In reality, total factor productivity, the best summary measure of the pace of technical change, has been stagnating since 2005 in the US and across the advanced-country world.

  5. A student shows a combo pictures of three dictators, Austrian born Hitler, Castro and Stalin with Viktor Orban Attila Kisbenedek/Getty Images

    The Hungarian Government’s Failed Campaign of Lies

    The Hungarian government has released the results of its "national consultation" on what it calls the "Soros Plan" to flood the country with Muslim migrants and refugees. But no such plan exists, only a taxpayer-funded propaganda campaign to help a corrupt administration deflect attention from its failure to fulfill Hungarians’ aspirations.

  6. Project Syndicate

    DEBATE: Should the Eurozone Impose Fiscal Union?

    French President Emmanuel Macron wants European leaders to appoint a eurozone finance minister as a way to ensure the single currency's long-term viability. But would it work, and, more fundamentally, is it necessary?

  7. The Year Ahead 2018

    The world’s leading thinkers and policymakers examine what’s come apart in the past year, and anticipate what will define the year ahead.

    Order now