China's government is facing many problems Japan experienced before its 1990s financial crisis, according to BofA Merrill Lynch. Here is the thesis, in charts.
The Japanese government waited a decade to properly recognise the soured loans that had built up in the banking system following years of exuberant lending and government stimulus, Merrill strategists Naoki Kamiyama and David Cui write.
They add that Beijing, which flooded the Chinese economy with credit from 2009 to insulate it against the global recession:“Is still a few years away from taking this decisive step.”
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