People’s Bank of China Governor Zhou Xiaochuan told the G-20 that the Chinese government will push ahead with economic reform, while playing down the risks associated with “shadow banking” reports MNI
Zhou said the deceleration of the Chinese manufacturing sector may have some impact on the world economy but it will be limited.
Economic growth of 7% to 8% suits China and helps support global growth and stability
He noted the services sector is accounting for an increasing share of domestic economic activity while the share manufacturing is shrinking. China’s rising debt-to-GDP ratio has already caught the government’s attention
The Chinese government attaches great importance to economic risk and learning from international practice, paying particular attention to shadow banking supervision
The scale of China’s ‘shadow banking’ isn’t large but has been growing relatively quickly (and) we will carefully handle it
