The document discusses the critical debt situation in the materials and industrials sectors, highlighting the rising balance sheet leverage since 2008 and the implications of overcapacity driven by cost subsidies. It also mentions the increasing leverage in the economy led by local government financing vehicles, with an estimated LGFV debt level exceeding RMB20trn.
doj/DataSet10/EFTA01451036.pdf
{"title":"GEM Equity Strategy Outlook 2014","document_date":"December 2013","document_type":"tabular","key_locations":["China"],"document_subtype":"financial report","key_organizations":["Deutsche Bank","Bloomberg Finance LP","National Audit Office"],"reference_numbers":["DB-SDNY-0107156","SDNY_GM_00253340","EFTA01451036"]}