Zhu Min, a deputy manager for the International Monetary Fund, said on Wednesday at an IMF meeting in Washington DC that China has the tools to deal with its rising debt problem, which has become a “serious concern”, Bloomberg reported. Zhu stated that the debt acquired by companies and local governments is “way too high” but that Beijing has a lot of “policy buffer”, including US$3.5 trillion in foreign reserves. He also said that the slowdown of the Chinese economy is positive as it means it can start to rebalance.
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