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: 久久精品亚瑟全部免费观看 | 欧美日韩成人午夜免费 | 欧美第一精品 | 国内精品久久久久久中文字幕 | 欧洲一级视频 | 在线播放一级片 | 欧美精品黄页免费高清在线 | 手机看片日韩日韩韩 | 美女一级毛片免费不卡视频 | 欧美人禽杂交狂配毛片 | 欧美自拍另类 | 久久国产精品久久精品国产 | 日韩美三级 | 久久香蕉国产线看观看式 | 国产精品路边足疗店按摩 | 亚洲男女在线 | 欧美第五页| www.久久视频| 欧美aaa视频| 国产美女做爰免费视频网址 | 日韩成人小视频 | 9191精品国产免费不久久 | 日韩亚洲一区中文字幕 | 亚洲国产精品成人午夜在线观看 | 美女张开腿让人桶 | 国产亚洲精品yxsp | 日本免费在线观看视频 | 国产原创系列在线 | 香蕉久久高清国产精品免费 | 在线免费观看一区二区三区 | 92手机看片福利永久国产 | 免费人欧美成又黄又爽的视频 | 国产色啪午夜免费视频 | 视频一区精品 | 国产精品反差婊在线观看 | 久久久久久国产精品三级 | 99手机在线视频 | 国产欧美在线观看不卡 | 亚洲综合色一区二区三区小说 | 美女黄频免费观看 | 九九视频精品在线 |