China Will Tame Its Growing Debt Load in 3 Years, Top Xi Adviser Says
On Wednesday, Mr. Liu also repeated pledges made by other Chinese officials about the country’s
opening its markets to foreign competition in everything from financial services to cars.
Mr. Liu also said that China planned to gradually reduce its tariffs on imported cars.
Speaking to attendees at the World Economic Forum, the adviser, Liu He, said
that the Chinese government planned to bring its debt under control within three years.
Mr. Liu said Beijing intended to focus on reining in the growth of debt among local governments and companies.
But his speech was the latest sign that the Chinese government would de-emphasize debt-fueled growth in the coming years
and would instead sharpen its focus on solving thorny economic and social problems, including a surge in borrowing.
Beijing is reconsidering that policy as Chinese automakers gear up to become big exporters to the United States and other foreign markets
that currently have low tariffs but might revisit those policies as car shipments from China rise.
