IMF said China's non - performing loans were seriously underestimated by the central bank
huanqiuwang· 2017-12-07 15:10:12
12 6, the International Monetary Fund (IMF) issued the 2017 China financial stability assessment report. "China's financial system is becoming more and more complex, and it has already been threatened by financial stability. "
" for this, the Chinese central bank released a response on its official website on the morning of 7.
IMF in the central bank must report the neutral and objective circumstances, questioned the relevant statements of the pressure test, the that failed to fully reflect the results of in IMF, "according to international practice to carry out Chinese bank stress tests, extreme scenarios, accounting for core bank total assets of 65% participants above the level of capital adequacy ratio still remains above 7%, China's gold financial system showed strong ability to resist risks . "
at the same time, the central bank for the proposed IMF bank asset quality pressure" also made a clarification, saying " nearly years, China's banking industry to increase efforts to dispose of non-performing loan write off and , is the non-performing loan rate remained at a low level of the important reasons. Since the 2017 , the profits of enterprises, including state-owned enterprises, have rebounded sharply. Many local governments' debts also correspond to assets that have cash earnings in the future. The bad loan rate is underestimated. The margin of is not large. "
, according to the central bank, the IMF and the world bank announced China" financial sector assessment program update assessment report includes core results "China financial system stability assessment report", "China financial sector assessment report", "on the Chinese comply with < the core principles for effective banking supervision; > detailed assessment report", "on the Chinese < comply with the objectives and principles of securities regulation; > detailed assessment report" and "on the China comply with < insurance core principles of > a detailed assessment report".
and the financial sector assessment program is IMF and the world bank in 1999 launched a joint project (World Bank only to evaluate the developing countries and emerging economies), the main purpose is to promote the evaluation of robustness, the financial system of member economies and the regulatory framework of the financial system of the quality of economic growth and development. In
2009-2011, China completed the first "financial sector assessment plan". According to IMF's requirement of updating evaluation every five years for systemically important economies, in October 2015, IMF and the World Bank launched the updated evaluation of China's financial sector evaluation plan. For more than two years, the central bank and the State Council ministries and commissions closely cooperate with the assessment mission, making the update evaluation successfully completed.
how to evaluate the Chinese financial system? IMF: China has maintained rapid economic growth and remarkable Chinese financial assets close to 470% of total GDP, Chinese has the world's largest banks and second large-scale stock market
in response to the central bank said, China in the financial sector assessment program update assessment report, the International Monetary Fund and the world bank some of our country's economic and financial system reform and development achievements in recent years. The report points out that since the first "financial sector assessment plan", China's economy has maintained a remarkable rapid growth.
financial system has provided strong support for economic growth and poverty reduction. Financial industry, especially the capital market, is developing continuously, and the availability and quality of financial services have been continuously improved. Inclusive Finance has made significant progress.
management departments continue to promote financial reform, to upgrade the monetary policy and macro Prudential policy framework, the establishment of a deposit insurance system, the implementation of Basel III regulatory framework, strengthening the securities investor protection and improvement of the basic system of capital markets, the establishment of the framework of robust growth in the insurance industry has achieved remarkable results. The
report shows a comprehensive assessment of China's banking, securities and insurance industry's compliance with international standards and guidelines, and concludes that China's financial regulation is highly consistent with international standards. In addition, the report also gives a high evaluation of our progress in improving the anti money laundering and anti terrorist financing laws and regulatory frameworks. In the assessment report,
IMF pointed out that China is now carrying out the necessary but long economic and financial transformation. Although the financial system has promoted the rapid growth of the economy, its scale and complexity have improved rapidly. It has become one of the largest financial systems in the world, and its financial assets are close to 470% of GDP. The risk of
IMF pointed out: continued credit expansion, intensification of financial system, complexity of wide implicit guarantee
for potential risks, IMF made three tips in the report: "first of all,
is designed to support employment and growth of monetary and fiscal policy in recent years to expansionary. "IMF claims that this has led to the continued operation of non viable businesses and, to a certain extent, eroded the stability of the financial sector. As a result, the credit needed to speed up GDP growth has caused huge credit expansion, resulting in high corporate debt and rapid increase in household sector debt (though the starting point is low).
"second, high returns to assets
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