BBC2 9pm. Tues 18th Feb (TONIGHT!!) Robert Peston investigates Chinese debt in ‘This World, How China fooled the World’.
David Chater writing in Times TV viewing Guide says: “In this deeply worrying programme…the BBC’s economics editor Robert Peston highlights cause for concern – and not just for China. It begins with thecollapse of Lehman Brothers in 2008 and the threat to Chinese exports from a global slowdown. Since one-party rule is leigitimised by high growth, the Chinese authorities responded by ordering state-owned industries to expand, local authorities to lend and local authorities to build. …It was all paid for by debt, which is now twice the size of its GDP. …a huge proportion of Chinese debt is now hidden while the boom in the Chinese housing market continues unabated. At best its economy will slow. At worst, it could all collapse…and there will be tears at bedtime all around the world.”