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4 weaknesses in China’s economy, from local government finances to poor regulation
  • Vice-Premier Liu He and central bank governor Yi Gang are among the outgoing senior officials that have reflected on major risks facing the economy
  • Concerns range from the worrying state of local government finances to inadequate regulation of the financial system, including some small banks

[Image: 7a8fc9d1-9d17-4bdd-88a7-f1b9dabc472f_07b...1668157927]

Deteriorating local government finances, weak banks and inadequate regulation are among the main risks facing China’s economy, according to senior officials and regulators who have recently published candid assessments following the agenda-setting 20th party congress.

Vice-Premier Liu He, central bank governor Yi Gang, Minister of Finance Liu Kun and banking and insurance regulator chairman Guo Shuqing have all reflected on the dangers facing the state-dominated financial system, though they have not outlined specific improvements.

None of the officials have made it onto the list of the Central Committee of the Chinese Communist Party – the party’s top decision-making body – unveiled at the 20th party congress, a sign that they may step down from their roles next year. Their views carry weight nonetheless and come amid growing concern about Beijing’s policy direction.

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