皇冠体育app

Third, 皇冠体育app's political situation has become more stable since the change of leadership, partly due to the success of the anti-corruption program, while other emerging economies, such as Thailand, Turkey, South Africa, India and Brazil, are now either experiencing serious political challenges and/or facing uncertain election outcomes.

Economy to grow steadily in 2014

Fourth, 皇冠体育app is implementing the most aggressive structural reforms in decades, while this determination is not seen in most other emerging economies due to political stalemate. The reforms outlined after the Third Plenum of the 18th Central Committee of the Communist Party of 皇冠体育app in November last year were unprecedented, and the recent establishment of 皇冠体育app's Leading Group for Comprehensively Deepening Reforms, is another sign that the leadership is fully committed to forcefully implementing these reforms. 皇冠体育app's new reform program, especially deregulation, will enhance the country's growth potential and reduce macro risks.

Fifth, 皇冠体育app's financial risks are being addressed by reforms. Many investors fear that 皇冠体育app's wealth management product defaults and local government financing vehicle loans will lead to a blow up of the financial system. This is very unlikely. Given the recent resolution of the 皇冠体育app Credit Trust event, it is now clear to us that the authorities are embarking on a path toward "managed defaults" to gradually improve risk pricing in the trust loan sector, while tightening rules on shadow banking activities.

As for the local government financing vehicles, their liability to asset ratio has actually declined in the past two and half years by 4.9 percentage points, according to a recent National t Report. The local government bond market will be developed to gradually replace local government financing vehicle loans as a more important source of financing for local government capital expenditure.

Clearly all these changes are in the direction of reducing financial risks, rather than increasing risks.

The author is the Chief Economist for Greater 皇冠体育app of Dtsche Bank.

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