{
  "title": "People’s Republic of China: Financial System Stability Assessment-Press Release and Statement by the Executive Director for People’s Republic of China",
  "publication": "IMF Staff Country Reports, December 6, 2017",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2017/12/07/people-republic-of-china-financial-system-stability-assessment-45445",
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  "summary": "This paper discusses the findings of the Financial System Stability Assessment (FSAP) for China. Since the 2011 FSAP, China’s impressive economic growth has continued, and it is now undertaking a necessary but prolonged economic and financial transformation.",
  "sections": [
    {
      "heading": "Executive summary and main findings",
      "content": "- The paper discusses findings of the Financial System Stability Assessment (FSAP) for China.\n- Since the 2011 FSAP, China’s impressive economic growth has continued, and it is now undertaking a necessary but prolonged economic and financial transformation.\n- Tensions have emerged in various areas of the Chinese financial system."
    },
    {
      "heading": "Key tensions and risks identified",
      "content": "- Monetary and fiscal policies aimed at supporting employment and growth have been expansionary in recent years.\n- Pressures to keep nonviable firms open are strong, particularly at the local government level; these objectives, at times, conflict with financial stability.\n- The demand for high-yield investment products, coupled with strengthening oversight of the banking sector, has led to regulatory arbitrage and the growth of increasingly complex investment vehicles."
    },
    {
      "heading": "Subjects and keywords (as provided)",
      "content": "- Subjects: Banking, Commercial banks, Credit, Financial institutions, Financial Sector Assessment Program, Financial sector policy and analysis, Financial sector stability, Money, Systemic risk assessment\n- Keywords: central bank, central bank clearing, Commercial banks, CR, Credit, debt, developments China, Financial Sector Assessment Program, Financial sector stability, financial system, FSAP update, Global, household debt, investment product, ISCR, lending, leverage ratio, liquidity management framework, margin requirement, PBC's facility, People's Bank of China, product, Systemic risk assessment\n\n---\n\n Content in this bundle\n\n- Country Report\n  - Country Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Country Report (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: December 6, 2017",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484331149.002",
    "The paper discusses findings of the Financial System Stability Assessment (FSAP) for China.",
    "Since the 2011 FSAP, China’s impressive economic growth has continued, and it is now undertaking a necessary but prolonged economic and financial transformation.",
    "Tensions have emerged in various areas of the Chinese financial system.",
    "Monetary and fiscal policies aimed at supporting employment and growth have been expansionary in recent years.",
    "Pressures to keep nonviable firms open are strong, particularly at the local government level; these objectives, at times, conflict with financial stability.",
    "The demand for high-yield investment products, coupled with strengthening oversight of the banking sector, has led to regulatory arbitrage and the growth of increasingly complex investment vehicles.",
    "Subjects: Banking, Commercial banks, Credit, Financial institutions, Financial Sector Assessment Program, Financial sector policy and analysis, Financial sector stability, Money, Systemic risk assessment",
    "Keywords: central bank, central bank clearing, Commercial banks, CR, Credit, debt, developments China, Financial Sector Assessment Program, Financial sector stability, financial system, FSAP update, Global, household debt, investment product, ISCR, lending, leverage ratio, liquidity management framework, margin requirement, PBC's facility, People's Bank of China, product, Systemic risk assessment",
    "**Country Report**"
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