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Extra info for Asia and the Subprime Crisis: Lifting the Veil on the ‘Financial Tsunami’
10). This reduces the risk of debt–deflation. 10 Chinese corporate liability/asset ratio* Note: * 3-mth moving average. Source: CEIC. 04 05 06 07 08 The Subprime Impact on China 37 loans) accounting for about 12% of GDP and household deposits accounting for a whopping 70%. This implies a conservative consumer balance sheet, and that does not constitute any pressure for forced de-leveraging in the household sector. Further, health of the banking system has improved, with a low bad debt ratio of about 7%, down sharply from over 25% in the beginning of this decade.
If both sides turn cool towards Sino-western cooperation, there will be the risk of a slowdown in China’s financial liberalisation in the future. 5 Regulatory Lessons from the Rescue Efforts At the time of writing, bailout efforts by the global authorities to contain the economic damages of the subprime crisis are still ongoing and evolving. But the development hitherto has offered significant insight for discussing some regulatory lessons that can be learned. Only since October 2008 have we seen a big change in the western authorities’ policy attitude – from disorganised to concerted efforts – towards handling the subprime crisis.
It needs to be paired with a scheme for recapitalising the financial institutions so that they can lend again after offloading their dud assets to the TARP. Alongside the TARP, the US government also temporarily raised deposit insurance from $100,000 to $250,000 to help preserve public confidence in the banks. It promised to follow in the footsteps of Europe and implement a blanket guarantee on all deposits if the confidence crisis continued. In February 2009, the government implemented new measures for restructuring the American banks, using a combination of insurance that would limit bank losses, recapitalisation and a fund buying toxic assets from banks.