November 16, 2017 / 2:46 AM / a month ago

China could face risks of 'big crisis' if economic reforms are too slow: central bank research head

BEIJING (Reuters) - The head of research at China’s central bank said on Thursday that China could face a “big crisis” if economic reforms are too slow, and added that debt-to-equity swaps for heavily indebted firms cannot resolve corporate debt problems.

Xu Zhong said at a finance conference that China needs to improve local government finances to help tackle local government debt problems.

Reporting by Kevin Yao; Writing by Elias Glenn; Editing by Sam Holmes

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