Question
Find the 5 errors in the following text. THE AFTEREFFECTS OF THE GREAT FINANCIAL CRISIS ON CHINA When the effects of 2008 great financial crisis
Find the 5 errors in the following text.
THE AFTEREFFECTS OF THE GREAT FINANCIAL CRISIS ON CHINA
When the effects of 2008 great financial crisis began to be felt in China and economic growth rate began to fall, government responded with a very big spending package and very loose money-credit policies. With these measures Chinese economy quickly resumed its fast rate of growth. China's big stimulus package gave a significant boost to the world economy also helping its recovery from the crisis. These measures however left China with some problems. After the crisis China's government debt increased significantly, making its government debt to GDP ratio higher than most major economies in the world Household debt also increased to be one of the highest in the world, as a percentage of GDP The worst problem today however, is the corporate debt:
as a share of GDP, the debt of companies in China is higher than all other major economies. Another related problem was a rapid rise in unofficial black market financial activities, also called shadow banking As a positive side effect however, the deficiencies in China's production capacity in sectors such as steel and concrete disappeared as SOE made big investments afforded by the loose credit policies. Similarly, China's chronic housing deficiency was remedied as companies used easily available credit to start big construction projects, leading to sustained decline in housing prices
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