(Bloomberg) -- Interest-rate liberalization reform in China requires a restructuring of the financial sector, an adviser to the country's central bank said.
The implementation of asset management product rules this year should balance risk control and tolerance on market-oriented products, PBOC adviser Liu Shijin said before the opening ceremony for meetings of the Chinese People's Political Consultative Conference on Sunday.
Private companies rely more on “informal” channels of financing where borrowing costs are much higher than on-book funding, Liu said.
To contact Bloomberg News staff for this story: Yinan Zhao in Beijing at yzhao300@bloomberg.net
To contact the editors responsible for this story: Shamim Adam at sadam2@bloomberg.net, Li Liu
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