Third, it is China that supported the prices of US exports of products and services. For example, if without China’s large purchase of commodities such as grain and energy, as well as civilian aircrafts and chips, their prices would by no means be at today’s level.
This is the case of Portugal, for instance, where NPLs grew essentially in the context of the 2011–13 recession and are a manifestation of the ongoing economic adjustment process, characterized by a reallocation of resources towards the tradable sector and away from the construction and real estate sectors.