BEIJING, Oct 17 — China’s economy is “doing well”, but faces challenges such as default risks for certain firms due to “mismanagement”, the People’s Bank of China Governor Yi Gang said today.
Yi Gang said default risks for some firms and operational difficulties of small and mid-sized banks are among the challenges for China’s economy, and that authorities are keeping a close eye “so they do not become systematic risks”. The rumbling crisis at Evergrande and other major homebuilders drove debt market risk premiums on weaker Chinese firms to a record high last week and triggered a fresh round of credit rating downgrades.
The PBOC was taking various steps to fend off financial risks, such as replenishing capital for small and midsize banks, Yi Gang said.
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