China Reforms Held Back by Fear of Instability, PBOC Researcher Says
The head of research at China’s central bank has blamed vested interests and excessive concern for avoiding financial instability for holding up much-needed financial and economic reforms.
Xu Zhong, director general of the research bureau of the People’s Bank of China, called on policymakers to step out of their comfort zone and confront the challenges.
Xu warned that an excessive focus on stability will cause hesitation in pushing ahead with reforms and delays — a situation that could eventually lead to a “big crisis.”
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