Expert insight

Vanguard’s perspective on China’s challenging economy

August 31, 2023


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Grant Feng
Cumulative line chart shows the debt to GDP ratio for China from the end of 1992 through March 2023. The ratio goes from roughly 105% at the start to almost 282% at the end. The chart breaks down those cumulative figures into four categories: household, nonfinancial corporate, central government, and local government. All have grown over time, but nonfinancial corporate was by far the largest segment.
Line graph shows year-over-year percentage changes for China’s export prices, U.S. import prices, and European Union import prices from 2009 through July 2023. In most cases, the datapoints fell between minus12% and plus 12%. The notable exception was mid-2021 and onward for the EU which saw import prices surge as high as over 30% because of the war in Ukraine before dropping sharply in late 2022.
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