Zhou Xiaochuan said China can be bolder in opening its financial markets. (AP Photo/Aijaz Rahi)
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China is moving beyond its traditional dependence on rapid credit growth and investment and will rely less on stimulus to boost its economy in future, People's Bank of China Governor Zhou Xiaochuan said Friday.Credit data released by the PBOC earlier Friday highlighted the balancing act that Chinese authorities are attempting between supporting real economic activity and reining in risks from an increasingly complex financial system.However, economists at HSBC note much of regulators' efforts to reduce leverage so far have been aimed at financial institutions, with significant reductions in China's overall debt levels still considered too risky to tackle without jeopardizing GDP growth.China also needs to urgently improve its regulatory supervision to ward off potential systemic threats, Zhou said.China also is expected to overhaul its financial regulatory setup soon, possibly merging different agencies to improve their ability to monitor activity and identify potential trouble-spots, sources familiar with the matter have told.
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