IMF Warns China of Financial Risks
China must motivate local authorities to prioritize financial stability over high economic growth to ensure they are aligned with government policies to control debt risks and put less focus on expansion, the International Monetary Fund (IMF) said in a report Thursday.
Some of the underlying causes of financial risk in the world’s second-largest economy stem from the “overriding objective,” especially among local governments, to achieve high growth rates, which has fueled a substantial expansion in debt and “shadow banking,” the IMF said in an assessment of China’s financial system.
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