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Monday, October 10, 2016
China must wean itself off debt addiction if it is to avoid financial calamity, warns IMF chief
China is edging towards "financial calamity" and must wean itself off its debt addiction and reform if it is to avoid a crisis, the International Monetary Fund has warned.
Markus Rodlauer, deputy director of the IMF's Asia-Pacific department, said the world's second largest economy was approaching a tipping point where its rapidly growing financial sector and surge in shadow credit could undermine the state's ability to contain the fallout from a crash.
"The level of financial and corporate debt and the complexity of the financial system and rapid growth in shadow banking is on an unsustainable path," he said. READ MORE