Shadow banking is a major source of funding for smaller private firms in China that cannot get credit from traditional lenders. Photo: Reuters
China to ‘strike a balance’ between good and bad shadow bankers to halt fall in growth
- Shadow banking refers to financial activities conducted by unregulated lending institutions or off-balance-sheet activities by traditional financial institutions
- Wang Zhaoxing, vice-chairman of the China Banking and Insurance Regulatory Commission, considering ‘benefits the real economy’
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Two Sessions 2019 (Lianghui)
Shadow banking is a major source of funding for smaller private firms in China that cannot get credit from traditional lenders. Photo: Reuters
The Chinese government said it would try to achieve an economic growth rate between 6.0 to 6.5 per cent in 2019, a moderate slowdown from previous years, but nevertheless a much faster rate compared with other major economies. Photo: Xinhua
China’s GDP growth could be half of reported number, says US economist at prominent Chinese university
- US economist Michael Pettis of Peking University says China gross domestic product is overestimated as bad debt is not written down
- Best way to solve problem would be to transfer wealth from state sector to consumers, Pettis said
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China economy
The Chinese government said it would try to achieve an economic growth rate between 6.0 to 6.5 per cent in 2019, a moderate slowdown from previous years, but nevertheless a much faster rate compared with other major economies. Photo: Xinhua