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China's big problem is lopsided growth

Rahul Jacob

When it comes to reducing its dependence on debt, China's actions matter more than its words. Last week the state-owned People's Daily newspaper quoted an unnamed "authoritative figure" saying that the country's high leverage was the "original sin." Yet official data released over the weekend confirm debt is still rising while infrastructure and property investment are increasing at a rapid pace. Until the numbers show otherwise, it's safe to assume Beijing is still focused on growth.