Opinion: China’s economic data has disappeared during Xi’s party | Stephen Bartholomeusz
, triggered by Beijing’s imposition of hard limits to property developers’ leverage, has caused an implosion of the developers, a spate of defaults on their debts and a slump in house prices and sales.There have been spillover effects into other sectors reliant on the property industry and a widespread revolt by mortgagors who had borrowed to fund purchases of apartments before they were built and now find themselves with debts but no apartments.
The obvious conclusion is that the numbers might have embarrassed Xi had they been released even as the congress was being asked to approve his third term, rubber-stamping an unprecedented extension of his period as party leader. Another indicator of how China’s economy is tracking is the iron ore price. Six months ago it was trading close to $US160 a tonne. It was still around $US145 a tonne in June. It is now trading just above $US90 a tonne, signalling a sharp fall in industrial activity and fixed asset investment.Getty
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