Analysts at ANZ points out that as happens every five years, the Chinese leadership meet at the National Financial Conference to set policy direction and this year’s event deserves more attention as authorities focus on placing more emphasis on financial stability.
“Namely they are looking to deleverage state-owned firms and limit local government borrowing; expand the PBOC’s macro-prudential capabilities and increase co-ordination of financial regulation between different institutions with a new financial supervision committee. Such initiatives are positive for the longer-run outlook for China, but could make economic activity more volatile with authorities having reduced ability to respond to economic weakness through fresh credit-fuelled stimulus.”
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