We revisit China's overinvestment problem by examining capital return from two perspectives. First, we re-estimate capital returns. The two existing estimation methods generate different results. After adjusting for statistical coverage and assumptions, the two methods achieve largely consistent...

We analyze China's sovereign debt by constructing balance sheets for China's government and public sector. We find that China's government debt-to-GDP ratio is lower than that of most large developed economies.We also find the debt-to-asset ratio of China's government and public sector...

We analyze China's sovereign debt by constructing balance sheets for China's government and public sector. We find that China's government debt-to-GDP ratio is lower than that of most large developed economies. We also find the debt-to-asset ratio of China's government and public sector...