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在线翻译:
szdaily -> Business
Focusing on growth quality ‘positive for ratings’
    2017-October-30  08:53    Shenzhen Daily

CHINA’S focus on the quality of its growth rather than on the pace of its expansion will boost productivity and reduce financial vulnerability, developments that would be positive for the country’s ratings, Moody’s Investors Service said.

China said last week that it will not set a goal of doubling its gross domestic product starting in 2021 so it can focus more on higher-quality, long-term growth, in a break from past practice.

President Xi Jinping said last week that China will deepen economic and financial reforms and further open its markets to foreign investors as it looks to move from high-speed to high-quality growth.

The world’s second-largest economy is already on course to reach its target of doubling GDP by 2020 from 2010. But the pursuit of rapid growth has led to soaring corporate and local government debt, regional economic disparities and environmental problems.

“China will likely reach its target of doubling per capita income by 2020 from the level in 2010,” said Lillian Li, a senior analyst at Moody’s.

“The government, therefore, has more policy space to achieve its other goals, such as the sustainability of growth and the reduction of economic disparities.”

In a report released Friday, Moody’s said it expects the Chinese Government to advance economic reform and rebalancing.

The ratings agency, which cut China’s sovereign rating in May for the first time in nearly 30 years, said a stronger policy focus on financial regulation should continue to rein in shadow banking, help mitigate asset risks for banks and address some key imbalances in the financial system.

Chinese regulators have also committed to maintaining financial stability through greater coordination of monetary policy, including measures for liquidity management, with the macro-prudential assessment framework.

All these factors will be credit-positive for China’s banking sector, Moody’s said.

Other policy announcements suggest that reforms will continue to proceed cautiously and without challenging the dominant role of State-owned enterprises in strategic industrial sectors, Moody’s said.(SD-Agencies)

 

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