久久亚洲国产成人影院-久久亚洲国产的中文-久久亚洲国产高清-久久亚洲国产精品-亚洲图片偷拍自拍-亚洲图色视频

Global EditionASIA 中文雙語Fran?ais
Business
Home / Business / 2019 Boao Forum

Economy positioned for healthy future, experts say

By Zhou Lanxu, Liu Weifeng and Ma Zhiping | China Daily | Updated: 2019-03-30 06:46
Share
Share - WeChat
Zhu Min, chair of the National Institute of Financial Research at Tsinghua University (right), speaks during a panel discussion at the 2019 Boao Forum for Asia Annual Conference in Boao, Hainan province, on Friday. [Photo by Wang Zhuangfei / China Daily]

China can push forward deleveraging and deal with short-term downside pressure in a coordinated way to ensure sustainable and high-quality economic growth, experts said on Friday.

"Deleveraging does not necessarily lead to slower economic growth. It depends on which approach we choose to lower the leverage," said Hu Xiaolian, chair of the Export-Import Bank of China at the Boao Forum for Asia, which concluded on Friday.

As China's deleveraging moves support supply-side structural reforms, deleveraging and economic growth actually go hand in hand in many aspects, Hu said.

Reducing the debt ratio of State-owned enterprises, for example, entails reforms to strengthen corporate governance and higher efficiency, she said, adding that China's efforts to develop a stronger capital market will not only reduce the corporate debt level by increasing equity financing but also contribute to economic growth.

On the other hand, policies to stabilize growth also contribute to deleveraging, Hu said.

"The large-scale reduction of taxes and fees could efficiently reduce burdens on enterprises and strengthen their ability to repay debts and absorb equity financing," she said.

Zhu Min, chair of the National Institute of Financial Research at Tsinghua University, said it is clear that China will "move more on fiscal policy than monetary policy" to offset short-term economic challenges.

This year's tax and fee cut on enterprises-worth nearly 2 trillion yuan ($297.8 billion)-is "really encouraging", which will improve their productivity and efficiency, said Zhu, a former deputy managing director of the International Monetary Fund.

The debt level, especially for State-owned enterprises, is still high, Zhu said, making it necessary to continue deleveraging to contain risks and achieve sustainable growth.

In 2018, the leverage ratio in the real economy declined to 243.7 percent, 0.3 percentage points lower than in 2017, while the outstanding debt of the State-owned sector grew by 16 percent, according to the Chinese Academy of Social Sciences.

This year's Government Work Report said China will adopt a prudent monetary policy to keep liquidity "reasonably ample" and avoid a deluge of stimulus. The government has also pledged to continue structural deleveraging to forestall major risks.

Zhu added that this year's increment in the local government bond quota should not be understood as a new leveraging move. "We have to consider liquidity and provide liquidity and space for the local bond market," Zhu said.

China has set the local government bond quota at 2.15 trillion yuan, up nearly 60 percent year-on-year, mainly to support major projects already underway and to address weak links.

Xuan Changneng, deputy head of the State Administration of Foreign Exchange, said, "China has ample room to maneuver and take measures toward deleveraging."

That conclusion is based on the debt structure and interest rate level, he said.

"When we're talking about deleveraging and maintaining stable growth, I think the focus for several years has been on quality growth, not just any growth," he said.

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
CLOSE
 
主站蜘蛛池模板: 视频二区 中文字幕 欧美 | 国产原创自拍 | 国产区一区二 | 国产高清在线观看 | 久久91精品牛牛 | 男女午夜爱爱久久无遮挡 | 波多野结衣在线中文 | 日本黄色大片在线播放视频免费观看 | 欧美人交性视频在线香蕉 | 久久精品www | 香蕉福利久久福利久久香蕉 | 国产成人v爽在线免播放观看 | 亚洲男人精品 | 久久精品国产国产精品四凭 | 久久久久久极精品久久久 | 91久久精品 | a毛片视频免费观看影院 | 国产欧美曰韩一区二区三区 | 国内精品久久久久久影院8f | 久久精品国产99久久香蕉 | 91精品人成在线观看 | 日韩在线看片中文字幕不卡 | 狠狠色丁香婷婷久久综合不卡 | 久久久久国产视频 | 久久精品99 | 欧美日韩一区二区三区视频播 | 免费观看欧美性一级 | 亚洲欧美专区精品久久 | 久草影视在线观看 | 波多野一区二区 | 亚洲综合色一区二区三区另类 | 久久88香港三级台湾三级中文 | 国产精品青草久久久久福利99 | 欧美午夜精品久久久久免费视 | 日本69色视频在线观看 | 国产成人精品在线 | 三级视频在线播放线观看 | 欧美一级aa毛片禁片 | aa级毛片毛片免费观看久 | 飘花国产午夜精品不卡 | 久久久综合久久 |