Page 2 of 2 Previous

Continued: China pledges sweeping change in banking to support reform, including possibly private lenders

  • Article by: JOE MCDONALD , AP Business Writer
  • Last update: July 5, 2013 - 6:40 AM

Earlier Friday, a deputy finance minister said the government needs to stay alert to the financial risks of companies set up by local governments to invest in building highways and other infrastructure.

A rise in debt owed by such companies as part of Beijing's effort to fend off the 2008 global crisis by pumping up infrastructure spending has fed concern state banks might face a wave of defaults. Government auditors have said potential risks can be controlled.

"We admit candidly that we still face challenges," said Zhu Guangyao, a deputy finance minister, at a government briefing. "We need to stay alert to the risks but we also are confident in the general situation."

  • get related content delivered to your inbox

  • manage my email subscriptions

ADVERTISEMENT

Connect with twitterConnect with facebookConnect with Google+Connect with PinterestConnect with PinterestConnect with RssfeedConnect with email newsletters

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

 
Close