China’s top planning authority has shed light on the volume of assets and liabilities in the national economy as a whole.
“The market economy is a balance sheet economy from the perspective of accounting and statistics, and all enterprises have balance sheets, while countries have balance sheets as well,” said Ning Jizhe (宁吉喆), deputy-chair of the National Development and Reform Commission (NDRC), at a press conference held on 24 May.
“The latest [national] balance sheet clearly indicates that China’s total assets already exceed 1300 trillion yuan (approx. USD$182.26 trillion)
“We must drive liabilities investment which is rational to form a large volume of effective assets. This can enable economic growth and living standards to have even firmer foundations of material technology.”
Ning’s remarks arrived just following the release of China’s government work report at the 2020 Two Sessions congressional meeting, which outlined a deficit ratio of at least 3.6% this year, for an increase of one trillion yuan compared to 2019.
The Chinese government has also outlined the issuance of one trillion yuan in anti-Coronavirus bonds, as well as 3.75 trillion yuan in local government special bonds, for an increase of 1.6 trillion yuan compared to last year.