People's Bank of China head of research:
Debt to equity swaps cannot fundamentally corporate resolve debt problems
- Mixed ownership reforms at State firms have nor improved corporate governance
- China needs to improve local govt finances to help tackle local govt debt problems
- China could face risks of a big crisis if economic reform is too slow
The reform (over growth) rhetoric has ramped up ever since the 'everything is just fine' days of the National Congress. Politicians are the same the world over.
