From Financial Express:
India and China, which have been growing rapidly in a relatively favourable external environment so far, have to come to terms with some critical problems in their financial systems, say experts.
But with the world economy likely to slow down, China may face a potentially large number of new defaults on non-performing loans, Jahangir Aziz, the China division head of the International Monetary Fund (IMF), has said.
A key reason for this, he said, could be falling consumption in the world’s most populous nation, which had been expanding on the back of rapid investment and trade surpluses. [Full Text]
