The International Monetary Fund estimates that China has five years to reform its financial system to keep it effective, a top IMF official said Friday. "You never had an economy this big, this systemic, with this kind of financial system," Nigel Chalk, the IMF mission chief for China, said at a conference at a Washington think tank. Without reform, he said, China risks that significantly low interest rates will promote investment bubbles, particularly in the housing market.
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