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China Reforms Held Back by Fear of Instability, PBOC Researcher Says

By Leng Cheng and Liu Xiao
Xu Zhong, director general of the research bureau of the People’s Bank of China, said at the 8th Caixin Summit in Beijing on Thursday that Chinese policymakers' excessive focus on stability will cause hesitation in pushing ahead with reforms and delays — a situation that could eventually lead to a “big crisis.” Photo: Du Guanglei/Caixin
Xu Zhong, director general of the research bureau of the People’s Bank of China, said at the 8th Caixin Summit in Beijing on Thursday that Chinese policymakers' excessive focus on stability will cause hesitation in pushing ahead with reforms and delays — a situation that could eventually lead to a “big crisis.” Photo: Du Guanglei/Caixin

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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