Premier Li: China Can Control Financial Risks As Debt Rises

By JOE McDONALD, AP Business Writer, Seattle Post-Intelligencer: Business
Tue, 06/27/2017 - 12:24am

BEIJING (AP) — China's top economic official tried to quell fears surging debt might threaten growth, saying Tuesday financial risks are "generally under control" and Beijing can achieve this year's development targets. Li sought to dispel concern about the rapid rise in Chinese debt since the 2008 crisis, which private sector analysts cite as the biggest potential risk to the world's second-largest economy. The Moody's rating agency cut Beijing's credit rating May 25 and the International Monetary Fund urged Beijing on June 14 to take faster action to get debt under control. "In the financial sector there are some risks, but we have the ability to uphold the bottom line of no systemic financial risks," said Li to an audience of Chinese and foreign businesspeople. The premier also gave a ringing endorsement of free trade and said governments that face political pressure due to strains from globalization should make sure everyone benefits instead of raising barriers to imports.

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Topics:  beijing ap     china   the moody   international monetary fund   june   beijing   li   chinese   the   premier   control   debt   financial risks   rating   sector   
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