Slowing GDP growth in China could lead to a global financial crisis

The US authorities continue to monitor the development of the real estate crisis in China caused by the default of the developer China Evergrande Group. US Treasury Secretary Janet Yellen said that the consequences of the debt crisis in China and the slowdown in the country's economic growth could trigger a global financial crisis. 

Yellen also noted that real estate is a very important sector of the Chinese economy, which accounts for about 30% of demand. And the contraction of the Chinese economy will hit many countries with trade ties with China.

It is worth noting that not only China Evergrande is struggling with a high level of debt and a potential default, but the size of the debt itself is impressive – $300 billion. To date, the company has managed to pay several overdue coupons on time, preventing default, but the situation continues to be tense.