A worker climbs steel bars at a construction site of a subway in Chengdu, Sichuan province, China, on August 14. China’s deleveraging campaign has hit infrastructure investment hard. Photo: Reuters

Why US trade war is less to blame for China’s economic slowdown than the home-grown deleveraging campaign

Aidan Yao says China has softened its aggressive campaign to tackle debt in the face of the trade war, but it will be tougher this time around to stimulate the economy while retaining the benefits of its reform measures

Topic |   Macroscope

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A worker climbs steel bars at a construction site of a subway in Chengdu, Sichuan province, China, on August 14. China’s deleveraging campaign has hit infrastructure investment hard. Photo: Reuters
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Aidan Yao

Aidan Yao

Aidan Yao is senior emerging Asia economist at AXA Investment Managers. Prior to joining AXA IM, he was a senior financial market analyst at the Hong Kong Monetary Authority for two years. He started his career at the Reserve Bank of New Zealand in 2007, serving as an economist and later senior financial market analyst until late 2011. He holds a master degree in finance (2006) and a bachelor degree in economics and finance (2005) from the University of Otago (NZ). He is also a chartered financial analyst.