China’s Systemic Financial Risk: Basic Dimensions, Key Areas, and Evolving Trends
2022年08月05日 10:55 来源:Social Sciences in China Press 作者:Hu Bin a, Zheng Liansheng b and Li Juncheng c

  Hu Bin a, Zheng Liansheng b and Li Juncheng c

  a, b and c Institute of Finance and Banking, Chinese Academy of Social Sciences (CASS)

  Abstract:The Covid-19 pandemic, the regulation of real estate, and external uncertainties are the core variables in the recent evolution of China’s financial risks, and overall planning and structural deployment are the key guarantees for China’s financial stability. From an aggregate perspective, China’s systemic financial risk tended to ease overall in 2021, but remained high. The risk profile of China’s financial system in 2021 presented five important features. First, the macro leverage ratio fell slightly, but exposed the hidden dangers of balance sheet recession. Second, there was a certain blockage in the transmission of financial system liquidity to the real economy. Third, the fragility of the financial system was further exposed, the bond default balance reached a new high, the structural differentiation of bonds between state-owned and private enterprises became prominent, and private enterprise default became more serious. Fourth, the contagion effect of domestic crossmarket financial risks remained significant. Fifth, the international political and economic situation was volatile, and spillover effects such as the rising prices of raw materials, the inauguration of a new US administration, and the shift of the Federal Reserve’s monetary policy were significantly strengthened. In terms of key risk areas, the risks of the real estate market, hidden government debt, and small- and medium-sized domestic banks were quite prominent. In 2022, pandemic prevention and control, economic recovery, and structural upgrading will remain the main themes of China’s development. China’s financial risks are generally under control, but the country will still face major risks such as a high macro leverage ratio, tight market liquidity, increasing debt vulnerability, significant spillover effects, and rising volatility in the international market.

  Keywords: systemic risk, structure, macro leverage ratio, spillover effects

责任编辑:崔岑
二维码图标2.jpg
重点推荐
最新文章
图  片
视  频

友情链接: 190aa即时指数电脑版官方网站 | 190aa即时指数电脑版网

网站备案号:京公网安备11010502030146号 工信部:京ICP备11013869号

踢球者190足球即时指数社版权所有 未经允许不得转载使用

总编辑邮箱:zzszbj@126.com 本网联系方式:010-85886809 地址:北京市朝阳区光华路15号院1号楼11-12层 邮编:100026