Has China entered a balance sheet recession?


November 29, 2023, 8:00 AM to 9:00 AM EST
Virtual Event
Nicolas Véron (PIIE), Richard C. Koo (Nomura Research Institute) and Guo Kai (China Finance 40 Forum)

Event Summary

Richard C. Koo coined the expression “balance sheet recession”—when individuals and companies focus on restoring their solvency, with detrimental effects on the overall economy—in the context of Japan's "lost decade" of the 1990s. Is it an apt template for what is unfolding now in China?

Joining this episode of Financial Statements are:


Nicolas Véron
Senior Fellow, Peterson Institute for International Economics (PIIE)


Richard C. Koo 
Chief Economist, Nomura Research Institute

Guo Kai 
Senior Fellow, China Finance 40 Forum (CF40)



About This Series

Financial Statements is a biweekly virtual event series hosted by Nicolas Véron that explores changes in the world of finance, encompassing themes of financial services regulation, corporate finance and governance, systemic fragility and crises, and structural changes driving business and policy trends in the financial sector.