China – PBOC vice director says biggest risks lies with the property market and local government backed financing vehicles

More from the China Securities Journal (earlier piece here), and again via MNI:

Vice director of the statistics department at the People’s Bank of China, Xu Nuojin:

• Says the biggest risks for the economy lies with the property market and local government backed financing vehicles (LGFVs) amid slowing economic growth, and not the absolute level of leverage ratio
• Said that the government should gradually address the issue of high leveraging via moves to stabilize the economy and ensuring sustainable growth