China must avoid massive stimulus and control debt, says PBoC’s Yi

Liu Kun, Minister of Finance, President of the People's Bank of China, answers a question during a press conference on promoting stable, healthy and sustainable development of Chinese economy for celebrating the 70th anniversary of the founding of the PRC in Beijing on September 24,2019. - AFP

BEIJING: China isn’t in a rush to add massive monetary stimulus, in contrast with other central banks around the world, and must maintain a prudent policy stance, central bank governor Yi Gang said.

Overall financial risks are contained and those in the shadow banking sector and some key institutions have been resolved, Yi said at a joint briefing in Beijing with Finance Minister Liu Kun and National Bureau of Statistics head Ning Jizhe yesterday.