China’s financial system vulnerable; reforms urged: IMF

摘要

China’s financial system is at risk from nbad loans, a private lending boom and nfalls in property prices, the International nMonetary Fund warned Tuesday, as it nurged reforms, said an AFP report. In its nfirst formal review of the system, IMF nblamed “heavy” government involvement nin banks and watchdogs for hurting market ndiscipline and corporate governance. IMF ncalled on Beijing to relax control of the nyuan, and give the central bank more say nover policy. Rampant lending since the n2008 fiscal crisis left many China firmsgovernments with huge debt, and slowing neconomic growth and low property prices nare spurring fears of a default boom.