A rare public spat has erupted between Chinese premier Li Keqiang and the central bank after he expressed concern about record credit expansion in January, a result of monetary stimulus intended to support flagging economic growth.
Since assuming the premiership in 2013 alongside President Xi Jinping, Mr Li has been a consistent critic of the large-scale stimulus that their predecessors launched in response to the 2008 financial crisis, which economists said led to wasteful investment and a dangerous increase in debt.
Analysts said Mr Li’s latest comments reflected concern his credibility would suffer if the government was seen as backsliding on its commitment to avoid heavy-handed stimulus.
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