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Economic Reforms Needed - Yicai

CHINA PRESS
MNI (BEIJING)

Policymakers should deepen the reform and opening of economic and social systems to revitalise the financial system and the economy, according to an editorial by Yicai. China’s system creates high real interest rates which represses the private economy, while powerful state-owned firms benefit from lower interest rates. The banking sector shows signs of asset shortages as deposit and loan spreads have narrowed. Looking forward, financial firms will face pressure from increased non-performing loans, as the economy’s macro-leverage ratio increased by 8.6pp in Q1 2023.

MNI Beijing Bureau | lewis.porylo@marketnews.com
MNI Beijing Bureau | lewis.porylo@marketnews.com

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