China’s banking troubles are not the same as Silicon Valley Bank, economist says
Publishing timestamp: 2023-03-30 21:35:35
Summary
China's small banks have problems, but they do not pose systemic risks to the broader economy, according to Zhu Min, vice president of China Center for International Economic Exchanges. While issues have emerged at some smaller Chinese banks in recent years, they reflect local issues and do not carry the same risks as the collapse of Silicon Valley Bank. Zhu also discussed China's economy, including its slow growth in 2022, weak consumption, and the role of privately run businesses in the country's green transformation. He expects new rules giving the Chinese Communist Party a more direct role in regulating the financial industry to streamline financial oversight, but warns of a period of adjustment.
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