日批在线视频_内射毛片内射国产夫妻_亚洲三级小视频_在线观看亚洲大片短视频_女性向h片资源在线观看_亚洲最大网

Make me your Homepage
left corner left corner
China Daily Website

Only market reform can correct financial imbalance: Expert

Updated: 2013-12-26 09:26
By Yang Ziman ( China Daily)

The financial system in China is extremely unbalanced, with the banking industry taking up too large a share, a situation that can only be alleviated by market-oriented reforms next year, according to a senior analyst with the China Securities Regulatory Commission.

"The proportion of commercial banks in the financial market has grown from 53 percent in 2007 to the current 73 percent. Meanwhile, the stock market has been on a downward spiral since its peak in 2007," said Qi Bin, director-general of the think tank of the CSRC, at a discussion of where the international economy will head in 2014 held by Bank of China Ltd on Wednesday.

"The Chinese financial structure is a far cry from that of developed countries," Qi said. "It is not even on par with other developing economies, probably only slightly better than African countries."

The financial imbalance manifests itself in five aspects: the real-estate bubble, local governments' financing platforms, potential non-performing loans, shadow banking and heavy corporate indebtedness, Qi said.

The real estate market has been booming over the past few years, and some attribute the soaring of housing prices to the quantitative easing (QE) monetary policy of the United States.

Xie Guozhong, an independent economist, said at a recent forum that QE has resulted in an influx of hot money, which has pushed up asset prices. Once QE is withdrawn, which he predicted would happen next year, the real-estate bubble that has been growing over the past 10 years will burst.

The four-month audit of local treasury bonds led by the central government has yet to offer its results. Estimates by research institutes range from 10 trillion yuan ($1.65 trillion) to 30 trillion yuan.

The national asset balance sheet released by the Chinese Academy of Social Sciences on Monday put the scale of local treasury bonds at 19.94 trillion yuan as of the end of 2012, which is almost double the 10.7 trillion yuan seen at the end of 2010.

Only market reform can correct financial imbalance: Expert

"The only way to mitigate the risks is to adjust the financial structure, including capital market development and the securitization of credit assets," Qi said, "Fundamental changes are expected to take place in the next five to 10 years."

China's economic growth has been sustained by an excessive money supply, said Huang Yongli, vice-president of BOC.

"Money supply is a subtle but influential method of wealth distribution as opposed to other means such as tax or social security," Huang said. "If it grows faster than the actual need of the financial market and the real economy, it will result in currency depreciation to the detriment of currency holders."

The money supply in its broad definition, or M2, which comprises money ordinarily used for goods and services and also savings and other time deposits, has been growing by more than 13 percent from January to November, according to statistics from the People's Bank of China.

Huang warned that if the financial structure is not adjusted to allow more flexible financing and investment channels, social wealth will concentrate more intensively in the hands of a few market players, pushing up social management costs and overthrowing stability.

Zhang Liqing, dean of the School of Finance of the Central University of Finance and Economics, also suggested more market-oriented approaches to future economic development.

"China should accelerate freeing up its foreign exchange rate, increasing the floating range of renminbi to dollars from the current 1 percent to 10 or 20 percent," said Zhang, "The flexibility will prepare the country for external impacts, reducing the shock of US monetary policies. The upheavals caused by QE serve as a lesson serious enough that we cannot afford to experience them again."

Zhang explained that investors will be more prudent in moving their capital in and out of China, dismissing concerns that a market-oriented exchange rate will result in greater instability in liquidity.

 
 
...
主站蜘蛛池模板: 另类色综合 | 国产精品呻吟久久 | 99亚洲欲妇 | 四虎免费av | 男人天堂视频网 | av一级在线观看 | 亚洲精品在线视频 | 日日狠狠久久偷偷四色综合免费 | 免费黄色一级片 | 国产成人网 | 欧美一级艳片视频免费观看 | 欧美永久精品 | 国产日韩一区二区 | 黄色国产精品 | 欧美69久成人做爰视频 | 国产精品成人一区二区三区 | 欧美色图久久 | caoporn视频在线 | 毛片视频免费 | 日本一区二区三区视频在线观看 | 欧美野外猛男的大粗鳮 | 亚洲午夜在线观看 | www.99re6| 亚洲黄色免费 | 欧美国产视频 | 亚洲图片综合网 | 日本一区二区精品视频 | 国产精品自拍一区 | 日本中文字幕久久 | 超碰精品 | 日韩免费视频网站 | 国产suv精品一区二区883 | 91尤物国产福利在线观看 | 精品国产三级 | 欧美成人免费在线 | 中文久久久久 | 日本一区二区在线 | 成人首页 | 久久99精品久久久久久国产越南 | 日本一级黄色 | 香蕉视频网站在线观看 |