China's gross domestic product (GDP) is.......>

CHINA: China's gross domestic product (GDP) is likely to reach 7% in the second

half of the year, driven by the rapid growth of consumption by family units,

People's Bank of China Governor Zhou Xiaochuan said at an international banking

seminar in Washington on Sunday, according to the PBOC website. China's

debt-to-GDP ratio has risen rapidly under the fiscal and monetary policies

enacted to tackle the headwinds from the 2008 financial crisis and that effort

was worthy. Recently, China has reduced the ratio, though the drop is not huge,

Zhou said, adding that China needs to continue to reduce its leverage ratio. He

also stressed much of China's debt is due to borrowing by local government

financing vehicles. In response to questions on whether China would increase its

leadership in the reform of the international monetary system, Zhou said China

has contributed to global economic management in recent years but the country

currently wants to remain focused on tackling domestic problems, including

furthering its economic development and reforming its financial regulations.