In the first quarter of 2025,China's macro leverage ratio surged by 7.8 percentage points to 298.4%,making it the highest single-quarter increase in nearly a decade.The government leverage ratio hit a new two-deca...In the first quarter of 2025,China's macro leverage ratio surged by 7.8 percentage points to 298.4%,making it the highest single-quarter increase in nearly a decade.The government leverage ratio hit a new two-decade high,a trend that has actively supported the repair of private-sector balance sheets and fueled a robust economic rebound at the start of this year.Meanwhile,the household sector has shifted from deleveraging to leverage stabilization,while the corporate sector showed a tendency to increase leverage.These developments collectively underscore the effectiveness of macroeconomic governance innovation based on national macro balance sheet management.展开更多
文摘In the first quarter of 2025,China's macro leverage ratio surged by 7.8 percentage points to 298.4%,making it the highest single-quarter increase in nearly a decade.The government leverage ratio hit a new two-decade high,a trend that has actively supported the repair of private-sector balance sheets and fueled a robust economic rebound at the start of this year.Meanwhile,the household sector has shifted from deleveraging to leverage stabilization,while the corporate sector showed a tendency to increase leverage.These developments collectively underscore the effectiveness of macroeconomic governance innovation based on national macro balance sheet management.
