China’s great wall of debt driving ‘unsustainable’ increase in borrowing, IMF warns

China’s property developers are on an ‘unparalleled’ borrowing binge, driving up global debt, according to the IMF – GIANLUIGI GUERCIA/Pool via REUTERS

China is driving global debt back towards unsustainable levels amid an “unparalleled” borrowing binge by property developers and local governments, according to the International Monetary Fund.

The Fund said debt in the world’s second largest economy rose by 7.3 percentage points to 272pc of gross domestic product (GDP) in 2022.

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