United States Public Debt

Policy U-turn as debt piles up

National lawmakers have made a policy U-turn, barring local governments from directly issuing bonds as concerns mount over their runaway debts.

Wednesday, 27 June, 2012, 12:00am

VE Day drives rally in HK equities; mainland next up

A breakthrough! An agreement was struck last week by euro-zone leaders to dramatically cut Greek debt - largely due to a long overdue plan to force investors to take a 50 per cent loss on Greek government bonds. The deal promised to seal Greece's debt crisis. Equity markets soared globally, with the Hang Seng Index up 11 per cent for the week.

31 Oct 2011 - 12:00am

It's panic stations as the debt train starts to pull in

As the signs mount that the nation's economy is slowing, two announcements yesterday show how Beijing is getting increasingly nervous about the debts piled up by different arms of government.

21 Oct 2011 - 12:00am

China could show Europe a way out of the debt trap

If you believed the pundits and world-class financial analysts a few months ago, China was caught in 'the biggest financial bubble in history' and was heading towards a painful hard landing. But, after a while (and probably after somebody somewhere made a killing and somebody else lost their shirt), its economic crisis mysteriously disappeared.

30 Sep 2011 - 12:00am

Bank slashes growth forecasts

Investment bank China International Capital Corp (CICC) has cut its forecast for the mainland's economic growth next year from 8.7 per cent to 8.4 per cent, joining peers in lowering expectations amid global weakness.

6 Sep 2011 - 12:00am

Being big brings big trouble

With more than 2 million full-time employees, the behemoth monopoly that is the Ministry of Railways is easily one of the largest business entities in the world.

To put that in perspective, the world's biggest company, Wal-Mart Stores, has about 2.1 million workers.

7 Aug 2011 - 12:00am

The dilemma for HK if US defaults on its debts

Hong Kong faces a dilemma as the prospect of an unprecedented US debt default looms large - it needs to keep buying US dollar assets to maintain its sensitive currency peg, yet at the same time try to protect the value of the city's wealth.

29 Jul 2011 - 12:00am

US debt debate not democracy at best

Hillary Rodham Clinton tried to put the best gloss on America's debt debacle. 'These kinds of debates have been a constant in our political life throughout the history of our republic and sometimes they are messy,' the US secretary of state said in Hong Kong on Monday, 'but this is how an open and democratic society ultimately comes together to reach the right solution.'

27 Jul 2011 - 12:00am

US must resolve bitter budget feud

The eurozone debt crisis is real enough, with fears of contagion making markets jittery. Alongside it, the deadlock in negotiations over raising the US debt ceiling has seemed a touch surreal.

18 Jul 2011 - 12:00am

Unlocking prosperity

The world seems awash in public debt. Problems in Greece with its second bailout are the most prominent but other problems in European economies await. Across the Atlantic, the American political system is in a deadlock about containing the runaway federal deficit while many cities and states are struggling.

7 Jul 2011 - 12:00am

Obama has to find a remedy for the economy

US President Barack Obama staked the power and influence of his office on his bid to reform America's health care system. A world that looks to strong leadership from the United States in the wake of the global financial crisis therefore had a legitimate interest in the outcome. Obama's narrow victory in an epic political battle may have left his country deeply polarised.

23 Mar 2010 - 12:00am

Socialism, US-style

Near the end of his term in office US president George W. Bush said: 'I'm abandoning free-market principles to save the free-market system.' But he had already significantly increased the size and scope of the federal government. His last act was to bail out General Motors and Chrysler. That trend is continuing in spades under President Barack Obama and the democratic majority in Congress.

1 Jun 2009 - 12:00am

Subprime losses seen for H-share banks

The mainland's six Hong Kong-listed banks are estimated to have incurred combined losses of 4.9 billion yuan arising from their exposure to the US subprime mortgage problems.

13 Aug 2007 - 12:00am

Budget deficit leaves room to stimulate growth

China's projected budget deficit is sustainable and increased spending on social programmes such as education and health care could eventually help the government boost consumption as a source of economic growth, analysts said yesterday.

6 Mar 2007 - 12:00am

Restoring confidence

The discontent among Argentinians over the way their government is handling the country's economic crisis is understandable. With their bank accounts frozen and the Government unable to present a viable plan to overcome its enormous debt burden, it is obvious that savings are at risk.

3 Feb 2002 - 12:00am