China’s quick and effective response to the financial crisis has been credited with saving the country from a prolonged downturn and restoring growth, not only domestically but across much of Asia.
The collapse in exports in late 2008, combined with a stuttering real estate market, prompted Beijing to wheel out a Rmb4,000bn ($600bn) stimulus package.
But the only way to get all that money out into the economy quickly without extensive waste and corruption was to channel it through banks to large state-owned enterprises. The stimulus plan became largely a credit plan.
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