China could face risks of ‘big crisis’ if economic reforms are too slow – central bank research head

The head of research at China’s central bank said on Thursday that China could face a “big crisis” if economic reforms are too slow, and added that debt-to-equity swaps for heavily indebted firms cannot resolve corporate debt problems.

Xu Zhong said at a finance conference that China needs to improve local government finances to help tackle local government debt problems.
Source: Reuters (Reporting by Kevin Yao; Writing by Elias Glenn; Editing by Sam Holmes)