China is ‘financially out of control’ warns Citigroup chief economist
Corporate debt is the elephant in Beijing’s front room and Willem Buiter, Citigroup chief economist, sees a major storm brewing in China.
This week, he estimated that there is a 55 per cent chance of a ‘made-in-China’ global recession in the not too distant future. Without a massive, consumer-focused stimulus plan, he argues, China will enter a recession, and the rest of the world wouldn’t be insulated from it. Willem Buiter appeared on BloombergTV to discuss his pessimistic call…
