La reforma china se torna local

PEKÍN – Desde que estalló la crisis financiera mundial en 2008, China ha implementado masivos estímulos económicos para sostener el crecimiento de su PBI. Pero sus problemas estructurales no resueltos implicaron que los paquetes de estímulos generaran riesgos financieros y fiscales significativos, sin mejorar mucho su acervo de capital.

De hecho, si bien el acervo de capital de China no es para nada manera pequeño, los desequilibrios en la estructura de capital y la madurez de los instrumentos han llevado a la acumulación de grandes volúmenes de activos improductivos, socavando la estabilidad económica y la eficiencia financiera chinas. Para crear la estabilidad necesaria que le permita llegar al siguiente nivel de desarrollo económico, China debe cambiar el foco, de un alto crecimiento del PBI a la revitalización de su acervo de capital.

Los nuevos líderes chinos parecen reconocer esto. El primer ministro Li Keqiang ha declarado que el gobierno no introducirá estímulos económicos adicionales; en lugar de ello, las autoridades buscarán una reforma económica profunda e integral, incluso si eso implica reducir la velocidad de crecimiento del PBI.

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