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Financial News: China Leverage Reasonable, But Rising At Alarming Pace:

China Leverage Reasonable, But Rising At Alarming Pace: PBoC Official

05/01/2017 - 08:52:00 (RTTNews)

(RTTNews) - China's overall leverage is reasonable, but is climbing at an "alarming" pace, especially in the financial sector, a senior central bank official warned in a commentary in a magazine, the state-run news agency Xinhua reported on Monday.

Government's massive stimulus and poor corporate management and financial supervision were the reasons behind the rising leverage ratio, Xu Zhong, head of the research bureau of the People's Bank of China, said in a commentary in the Caijing Magazine, Xinhua reported.

The PBoC official said the country should deleverage its economy at a proper pace to ensure that financial sector is reducing leverage and to avoid any systemic risks.

Further, the official said the government should reduce the emphasis on the importance of the GDP growth target to avoid massive short-term stimulus. He also urged the government to stick to prudent and neutral monetary policy and to rationalize fiscal responsibilities between central and local governments.

Xu pointed out the need for enterprises, especially state-owned, to make more market-oriented reforms to improve corporate governance and financial performance.

"Financial security is achieved via reforms, not bail-outs," the official reportedly said.

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