PBOC Advisor Calls for Further Reforms

(Beijing) – Part of a growing chorus of academics that warn of a looming crisis without major reforms, a high-level policy advisor said the fundamental problem the Chinese economy faces is the cost of government involvement.

Speaking at the China Development Forum 2012 in Beijing, Qian Yingqi, who was recently appointed as a member to the People's Bank of China's monetary policy committee, said the distortionary effects of government intervention stands as an obstacle to adjusting China's economic structure.