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Chine : maitriser l'endettement et réformer la finance

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  • Michel Aglietta

Abstract

L'économie chinoise a la capacité de supporter un taux d'endettement élevé, mais elle souffre d'un excès de crédit persistant et qui s'est fortement aggravé après 2009. Au début de 2014, les autorités ont décidé d'y porter un coup d'arrêt. Elles s'attaquent en priorité aux principales sources de fragilité : les collectivités locales, le secteur immobilier, les secteurs de l'industrie lourde en surcapacité. Il leur faut aussi engager la libéralisation de la finance, car les dysfonctionnements dus à la réglementation des taux d'intérêt sont les causes profondes des déséquilibres accumulés. À ce tournant dans le développement du pays, la Chine peut compter sur l'assise politique du leadership réformateur au pouvoir et sur sa vision de long terme.

Suggested Citation

  • Michel Aglietta, 2014. "Chine : maitriser l'endettement et réformer la finance," La Lettre du CEPII, CEPII research center, issue 345.
    • Handle: RePEc:cii:cepill:2014-345
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    More about this item

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East

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