Zhou Xiaochuan, head of China’s central bank, was speaking to coincide with the 19th Communist Party Congress today. He warned of asset price bubbles and the potential for a ‘Minsky Moment’ because corporate debt levels are already high and consumer debt is growing too quickly, CNBC reports. He also noted that the authorities would deal with the disguised debt of local government financing vehicles. Data this morning showed Q3 GDP growing at 6.8 per cent, down from 6.9 per cent in Q2, in line with expectations of a controlled slow-down next year.
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