China should stick to deleveraging......>

CHINA PRESS: China should stick to deleveraging and structural reform, Economic

Information Daily, a newspaper managed by the Xinhua News Agency, said in a

front-page commentary. 

- China should not change its policy direction due to recent bond defaults or

fluctuations in the stock market and asset prices as some people suggest, the

commentary said; 

- Such fluctuations resulted from the country's deleveraging and strict

financial regulation, and China's economy is resilient enough to tackle the

challenges, the newspaper said; 

- The financial sector should be ready for "bitter days," a switch from its

previous rampant expansion and overleveraging, it said, adding China will not

loosen monetary policy to add liquidity into the market to a large degree.