The World Bank has sounded the alarm on China's rapid credit growth and urged the government to reform the financial system and manage the opaque shadow banking sector.
China's leaders are leaning towards more credit-driven stimulus to keep GDP growth high. Earlier Friday, the China Banking Regulatory Reform Commission pledged to encourage banks to lend more to small businesses and homebuyers.
In a report, however, the World Bank urged China's government to wean growth off of credit and real estate, and to carry out a "gradual and orderly" unwind of the high debts local governments stacked up after the global financial crisis.
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