Academic Scientific JournalsPublic debt and its role in China’s political economy
Keywords:
China, public debt, foreign exchange reserves, exchange rate, economic policyAbstract
The rapid growth of Chinaʹs public debt has become a subject of robust discussions. However, an analysis of the debt structure and the amount of foreign exchange reserves, shows that Chinaʹs public debt as a percentage of its GDP is still at a safe level. Nevertheless, the rising level of the countryʹs debt and declining foreign exchange reserves are likely to continue at least in the near future. Therefore, the hitherto policy of undervaluing the yuan ceases to work in the interest of the Middle Kingdom. Especially when considering the transformation of the competitive advantage of Chinese exports from price to quality, it can be concluded that in the future, the exchange rate of the yuan will surely become market‐adjusted.
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