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: 日本三级s级在线播放 | 久久永久免费视频 | 精品欧美成人bd高清在线观看 | 国产特黄特色一级特色大片 | 久久久久久久国产 | 欧美一区在线观看视频 | 亚洲精品视 | 亚洲视频在线网 | 一级毛片不卡 | 草草影院视频 | 极品的亚洲 | 99热久久国产精品免费看 | 韩国三级大全久久网站 | 久爱午夜精品免费视频 | 国产精品久久久久一区二区三区 | 欧美一区二区三区不卡免费 | 中文字幕在线观看不卡视频 | 五月色婷婷综合开心网亚 | 久久免费视频99 | 99国产精品九九视频免费看 | 极品美女户外勾搭无套 | 日本a级毛片免费视频播放 日本a级三级三级三级久久 | 欧美激情精品久久久久 | 国产精品_国产精品_国产精品 | 草草视频在线免费观看 | 国产成年网站v片在线观看 国产成人aa在线视频 | 欧美一级毛片aaaaa | 国产一级毛片卡 | 日韩欧美在线观看视频 | 男女午夜24式免费视频 | 国产成人在线观看免费网站 | 欧美成人在线影院 | 久久精品视频在线观看榴莲视频 | 欧美成人特黄级毛片 | 中文字幕乱 | 久久99国产亚洲高清观看韩国 | 免费黄色成人 | 国产精品热久久毛片 | 美女又黄又免费的视频 | 97久久草草超级碰碰碰 | 国产 日韩 欧美 在线 |