(Bloomberg) -- People's Bank of China adviser Huang Yiping said the country's high leverage is a global concern and that reforms are needed to tackle risks in the banking system, which has more bad loans than official data show.
Banks are in a high-risk season, and economic threats from factory closures and job cuts are rising, Huang said Thursday at a forum in Beijing. The debt-to-GDP ratio for the non-financial sector may be higher than the official estimate of about 160 percent, said Huang, an economics professor at Peking University who doesn't serve in a policy-making role at the central bank.
To contact Bloomberg News staff for this story: Yinan Zhao in Beijing at yzhao300@bloomberg.net. To contact the editors responsible for this story: Malcolm Scott at mscott23@bloomberg.net, Jeff Kearns, Ken Wills
With assistance from Yinan Zhao
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