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BEIJING, March 4 (Xinhua) -- China should guard against rising debt level, especially in the non-banking financial sector, and improve financial supervision, said an economist.
The overall debt level was not high in the country, but the leverage level in the financial sector, non-banking financial institutions in particular, was spiking and higher than many major economies, Yin Jianfeng, chief economist with China Zheshang Bank, told China Securities Journal.
"Reducing financial risk means quickening the pace of deleveraging," Yin said.
Financial supervision over local government financing platforms, real estate companies, state-owned enterprises and non-banking financial institutions should be improved, Yin added.
Coordination among various financial market regulators must also be strengthened in the country, he suggested.
Latest data show the Chinese economy is firming up. China's economy expanded 6.7 percent year on year in 2016, within the government's target range.
