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在线翻译:
szdaily -> Business
Official urges government to continue reducing financial leverage
    2017-December-25  08:53    Shenzhen Daily

THE government must proactively but gradually reduce debt in the economy to prevent the build-up of financial risks, Xinhua quoted China’s central bank’s deputy governor as saying Saturday.

Yi Gang made the comments at a meeting about China’s economy in Beijing, Xinhua said.

“We have to resolutely fight the battle to prevent risks and first have to control overall leverage by proactively, safely and steadily deleveraging,” he said.

China’s top economic planner in September said that the growth of China’s overall leverage ratio has clearly been slowing and is now stabilizing. However, ratings agency S&P Global Ratings has said that China’s attempts to reduce debt risks so far this year were not working as quickly as expected.

A separate report Saturday by Xinhua on how the country’s 2016 Central Government budget was spent illustrates the scale of the issue the government faces.

Hu Zejun, head of the National Audit Office, said in the report a government-organized team had terminated or amended 25.35 billion yuan (US$3.86 billion) worth of illegal local authority debts and was working on a program to resolve a further 28.37 billion yuan worth of debts.

The country has launched policies aimed at reducing debt and leverage amid fears that such problems could derail the world’s second-largest economy if not handled properly.

A statement issued last week after China’s annual economic conference made no mention of the need to lower corporate leverage, in contrast to last year’s readout.

The country’s top economic planner said in August that such efforts had elicited some results but that excessively high leverage ratios of Chinese firms had still not been reversed, with non-financial Chinese firms’ leverage ratios still the highest among the world’s top economies.

(SD-Agencies)

 

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