IMF calls on China to overhaul its financial system

beijing

The International Monetary Fund (IMF) on Monday called on China to undertake further reforms of its financial system to avert a bubble forming in its real estate market.

In its first Financial Sector Assessment Program (FSAP) review of China, the IMF said China's financial sector was confronting several near-term risks, and that it was crucial that authorities establish institutional and operational preconditions for a wide-ranging financial reform agenda.

The IMF said the near-term risks includ

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