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IMF warns over ‘large risks’ for China’s financial system



The growing debt dependency at a “dangerous pace” by the world’s second-biggest economy, China, has raised International Monetary Fund (IMF) concerns. The fund has warned of large risks and imbalances.


According to the IMF's health check of China’s financial system, four-fifths of the country’s banks are at risk. China's “big four” banks had adequate capital, but “large, medium and city-commercial banks appear vulnerable,” it said.


The system’s increasing complexity has sown financial stability risks, the IMF’s assessment said. “Credit growth has outpaced GDP growth, leading to a large credit overhang."


The country’s debt is now equivalent to 234 percent of the country's total output, the IMF report showed.


"The apparent primary goals of preventing large falls in local jobs and reaching regional growth targets have conflicted with other policy objectives such as financial stability.”


The IMF has acknowledged that President Xi Jinping is taking steps to contain the risks and is committed to improving financial security. It added Beijing should adjust its economic strategy further and create a body to focus solely on financial stability.


"Supervising one of the world's largest and most complicated systems is a challenging task. The Chinese authorities have worked hard to keep pace with growth and innovation, but as in all countries, many gaps remain," the IMF said.


“We recommend the authorities to de-emphasize the GDP” growth, said Ratna Sahay, deputy director of the IMF's Monetary and Capital Markets Department.

“我们建议当局不要过于重视GDP增长,”国际货币基金组织货币和资本市场部门副主任Ratna Sahay说。

She added that "implicit guarantees to SOEs [state-owned enterprises] need to be removed carefully and gradually.”


The IMF has also warned against the rapid development of new financial products, which it said could "very rapidly become large and popular and potentially a systemic risk."


原创翻译:龙腾网 http://www.ltaaa.com 翻译:航海 转载请注明出处

评论1:Meanwhile the IMF continues back economies IN DEFAULT like Ukraine


        回复1:And the usa that has a larger debt than all the rest of the world's national debts combined. Never see them trying to tell the usa it needs to curb its debt.


        回复2:in other words, the west is planning on an economic attack on china


        回复3:We have a global financial system that's about to go down in flames. Why?Well that's because faith in money will be gone and when that happens, we're all going to be back to completing transactions with precious metals.


评论2:coming from the corrupt IMF


        回复1:IMF and World bank are part of UNthe Un still has a heavy bias towards US.


评论3:“We recommend the authorities to de-emphasize the GDP” ..........this is evil, they are scared by China's GDP.........


         回复1:How to read the IMF.... Do opposite of what they suggest.


         回复2:that is because in GDP Nominal it is USA and PRC but when you look at GDP PPP the order is PRC then USA


         回复3:China used to produce 30% to 40% of the world's GDP.


评论4:It is a lie, they do not like China taking steps towards Petro-Yuan & Yuan being backed by gold. Such things are rather destroying dollar but also what IMF stands for. That is to prevent gold become a currency whatsoever. They are scared.


评论5:The IMF giving China financial advice!!!!!!!!!!!


        回复1:Of course. It has to throw in it's 5 cents worth of western propaganda, along with the rest of the retinue. (UN, NATO etc)

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