Standard Chartered 30 June 2009  "China – Deteriorating finances" PDF 8 pages
• We increase our official budget deficit forecasts for 2009-10 to 4.5% and 5.5% of
GDP
• MoF may issue more debt in 2009, but in our view it is not necessary; but 2010 will
be a bumper year for debt issuance
• We highlight growing off-balance sheet government liabilities – another 5ppts of
GDP this year, at least, we guesstimate