IMF warns China on rapid growth of social financing


The International Monetary Fund (IMF) has concluded its Article IV mission to China, warning the authorities that they face a challenging reform agenda if they are to curb rapid credit growth, reduce the economy's reliance on investment, and continue liberalisation.

One of the report's main concerns was of the growth of ‘total social financing' (TSF), a concept developed by the People's Bank of China to measure liquidity support from the financial system to the real economy. According to a

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