PBOC: China鈥檚 macro leverage rise likely to slow
China鈥檚 macro leverage growth will likely continue to slow, said the People鈥檚 Bank of China.
The PBOC said in a report that the country鈥檚 overall leverage rose to 250.3 percent last year, up by only 2.7 percentage points from a year ago. 鈥淭he growth rate dropped substantially,鈥 it said.
China鈥檚 liabilities had been rising rapidly during previous years, with the macro leverage ratio rising 13.5 percentage points each year from 2012 to 2016.
The slowdown came after expansion of supply-side structural reform, a firmer economy and the effective implementation of a prudent, neutral monetary policy, the central bank said.
The PBOC believes China will be able to continue stabilizing its macro leverage and gradually push forward structural deleveraging, citing supportive factors such as a quality-oriented economic shift and strengthened financial supervision.
鈥淭he economic transition from high-speed expansion to high-quality development requires higher utilization ratios of debt capital, which will help prompt a downturn in leverage ratios,鈥 the PBOC said. 鈥淪tronger financial regulation and improved financial markets will curb shadow banking-driven leverage growth.鈥
The PBOC also expects slower monetization in commodity and factor markets, standardized fund-raising of local governments, and continued reforms to contribute to stable leverage.
In 2017, corporate leverage dipped to 159 percent from 159.7 percent a year ago, marking the first drop since 2011.
Government leverage fell 0.5 percentage points to 36.2 percent, and household leverage rose 4 percentage points to 55.1 percent, slower than a year ago.
- About Us
- |
- Terms of Use
- |
-
RSS
- |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔$粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.