Chinese authorities are able to contain the risks that could arise from China’s troubled Evergrande Group in the country’s financial system, the Chinese governor said on Sunday. People’s Bank of China (PBOC), Yi Gang, in a virtual meeting of the Group of 30.
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The property developer problem “generates a bit of concern.”
“Overall, we can contain the risk from Evergrande.”
Evergrande’s liabilities were distributed among “hundreds” of entities in the financial system, so “there is not much concentration.”
“The rights and interests of creditors and shareholders will be fully respected in strict adherence to the law. And also the law has clearly indicated the age of these liabilities ”.
“The growth momentum has moderated a bit.”
“Economic growth has slowed a bit, but the trajectory of economic recovery remains unchanged.”
“The Chinese economy is doing well overall, but we still face some challenges.”
“We are closely monitoring all these problems.”
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