China’s central bank chief just warned about a potential bubble in China: Rising household debt.
“Regarding household debt levels, China doesn’t rank that high on a global scale, but the pace of growth has picked up in the last few years,” People’s Bank of China governor Zhou Xiaochuan said Thursday. He didn’t expect any action should be taken immediately but said the debt levels should be monitored for quality and a steady pace of growth.
His comments from the sidelines of the twice-a-decade 19th National Communist Party Congress notably contrasted with the overall positive tone on China’s economy from party officials.
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