China’s macro leverage ratio, measuring nonfinancial debt as a percentage of nominal GDP, has surpassed 300% and continues to rise. The National Institution for Finance and Development (NIFD) reported that the ratio reached 295.6% at the end of June 2024, up from 294.8% in March 2024. NIFD projections indicate a further increase of 10 percentage points by the end of 2024, suggesting the ratio has likely exceeded 300% in recent months
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