China continues to navigate a complex transition to a slower and safer pace of growth and a more market-based financial system. China has advanced reforms and made notable progress in rebalancing the economy. Yet slowing growth has eroded corporate sector health, with falling profitability undermining the debt-servicing capacity of firms, adding to balance sheet pressures across the system. Corporate stress is reflected in rising problem assets held by banks. Bank loans to the corporate sector potentially at risk are substantial, but remain manageable given available buffers. Implementation of a more ambitious and comprehensive policy agenda is urgently needed to stay ahead of rising financial sector vulnerabilities and to ensure continued confidence in policymakers' ability to achieve a smooth transition.
无中国仍在经历一个复杂的转变，转向更慢更安全的增长步伐和更为市场化的金融体系。中国推进了改革，在经济改革方面取得了显著进展。然而，经济增长放缓已经侵蚀了企业部门的健康，盈利能力下降削弱了公司的偿债能力，增加了整个系统的资产负债表压力。公司压力反映在银行持有的问题资产不断上升。可能存在风险的企业部门的银行贷款很大，但若有缓冲器便能控制风险。迫切需要实施更加雄心勃勃和全面的政策议程，以便领先于金融部门不断上升的脆弱性，并确保对政策制定者实现平稳过渡的能力持续保持信心。