China central bank adviser says will take time for China to stabilize leverage level

BOAO, China (Reuters) – An adviser to China’s central bank said on Monday that it will take time for China to stabilize its leverage level and that its debt problem is serious but will not cause a financial crisis.

The amount of debt in China’s economy has risen rapidly in recent years, though the pace of growth slowed last year.

Fan Gang, director of the National Economic Research Institute and a member of the People’s Bank of China’s (PBOC) Monetary Policy Committee, made the comments at the Boao Forum for Asia in southern Hainan province.

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