China’s economy is capable of growth of as much as 8 percent annually in the next decade and the government won’t embark on “large-scale” stimulus in response to a temporary slowdown, Vice Finance Minister Zhu Guangyao said.
China’s yuan climbed the most in more than two years as the central bank strengthened the reference rate for the first time in five days after comments from officials suggesting the currency wouldn’t keep falling.
China will this month complete an audit of local-government debt to assess risks to its financial system, ahead of a Communist Party meeting in November to set economic policy, a government official said.
Yuan forwards weakened for a second day after Chinese officials said the nation won’t yield to global calls to end a 22-month peg, damping speculation next week’s U.S.-China trade talks would trigger appreciation.
China will reform fiscal policies so that local governments have a more “institutionalized way” of obtaining funds and of borrowing, Vice Finance Minister Zhu Guangyao said at a conference in Beijing today.