{"id":200550,"date":"2021-09-29T16:49:35","date_gmt":"2021-09-29T13:49:35","guid":{"rendered":"https:\/\/maritimes.gr\/china-has-tools-to-avoid-evergrande-crisis-says-adb-head\/"},"modified":"2021-09-29T16:49:35","modified_gmt":"2021-09-29T13:49:35","slug":"china-has-tools-to-avoid-evergrande-crisis-says-adb-head","status":"publish","type":"post","link":"https:\/\/maritimes.gr\/en\/china-has-tools-to-avoid-evergrande-crisis-says-adb-head\/","title":{"rendered":"China has tools to avoid Evergrande crisis, says ADB head"},"content":{"rendered":"

\"\"<\/p>\n

China has sufficient buffers and policy tools to prevent debt-riddled developer China Evergrande Group from triggering a global financial crisis, Asian Development Bank President Masatsugu Asakawa said.<\/p>\n

But Evergrande\u2019s plight underscores the heavy role asset price inflation played in China\u2019s fast-pace growth, and there could be consequences for regional government finances and consumption, Asakawa said.<\/p>\n

\u201cI don\u2019t think a single firm\u2019s episode would trigger a global crisis like one caused by the collapse of Lehman Brothers,\u201d Asakawa told an online briefing.<\/p>\n

Chinese authorities were showing readiness to contain any spill-over from Evergrande\u2019s potential collapse and the central bank was pumping ample short-term liquidity into markets, he said.<\/p>\n

Evergrande also had sufficient asset holdings it could unload to make payments, he added.<\/p>\n

The developer\u2019s woes underscored the Chinese economy\u2019s heavy reliance on the red-hot property market that resembled Japan\u2019s asset-inflation bubble in the late 1980s to early 1990s.<\/p>\n

A property market crash could hit China\u2019s regional governments and households that have relied on real estate holdings in financing debt.<\/p>\n

\u201cWe need to watch developments carefully because the impact on China\u2019s regional government finances and household spending is a source of concern,\u201d said Asakawa, who was formerly Japan\u2019s top currency diplomat.<\/p>\n

With liabilities of $305 billion, Evergrande has sparked concerns its problems could spread through China\u2019s financial system and reverberate around the world \u2013 although damage has so far been concentrated in the property sector.<\/p>\n

Asakawa said China was likely to resume moderate growth from 2022 with structural problems such as mounting private- and public-sector debt seen weighing on its economy.<\/p>\n

\u201cFrom 2022 onward, China will tread a moderate long-term growth trend. It won\u2019t return to the 7%-8% pace of expansion seen during its high-growth period,\u201d he said.
Source: Reuters (Reporting by Leika Kihara; Additional reporting by Kantaro Komiya; Editing by Muralikumar Anantharaman and Stephen Coates)<\/p>\n","protected":false},"excerpt":{"rendered":"

China has sufficient buffers and policy tools to prevent debt-riddled developer China Evergrande Group from […]<\/p>\n","protected":false},"author":23,"featured_media":200548,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[297],"tags":[],"class_list":["post-200550","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy-english"],"yoast_head":"\nChina has tools to avoid Evergrande crisis, says ADB head - Maritimes<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/maritimes.gr\/en\/china-has-tools-to-avoid-evergrande-crisis-says-adb-head\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"China has tools to avoid Evergrande crisis, says ADB head - 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