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BEIJING (MNI) - The following lists highlights from the Chinese press for
China's economy is currently operating smoothly, and the growth target set
at the beginning of this year can be achieved, said Yi Gang, the governor of the
People's Bank of China, according to the newspaper Securities Daily. The macro
leverage ratio has stabilised, while the leverage ratio of state-owned
enterprises has continued to decline, said Yi during the 2018 Annual Meetings of
the International Monetary Fund and World Bank Group in Bali on Thursday. The
local government debt is controllable, the balance of payments is generally
balanced, and financial risks are generally controllable, Yi added, before
concluding that China's economic structure has been optimised and has entered a
stage of high-quality development. The central bank's monetary policies will
serve the domestic economy first, Yi stated.
Local governments are looking extensively into the current debt situation,
working on solutions to tackle local debt risks, and must report their findings
to the Ministry of Finance by the end of this month, reported Economic
Information Daily, citing an anonymous insider. The inspection will focus on the
total amount, category, structure and region of local debts, as well as the use
of implicit debts, which refers to what the local government borrows out of the
debt limit, the Daily said. Local governments have been ordered to resolve debt
stocks and strictly control debt increments; and are forbidden from borrowing
illegally using financing guarantee or disguising implicit debts in the form of
public-private partnership or government procurement, the newspaper said.
The multilateral trade system is the most effective way to contain the
risks of the global financial system and therefore must be upheld by all
countries, said Wang Yong, a professor at the central bank's Zhengzhou Training
College, in an opinion piece published by Shanghai Securities Journal on Friday.
The weakening of the outlook for global economic growth is partly due to the
sharp rise in trade policy uncertainty over the past year, Wang said. Escalating
trade tensions and the resulting policy uncertainty may dampen commercial and
financial market sentiment, trigger financial market turmoil and slow investment
and trade, Wang said, citing an IMF report, and added that the increase in trade
barriers will undermine global supply chains, hinder the spread of new
technologies, and ultimately lead to a decline in global productivity and
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