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[From a global perspective, the eruption of global financial crisis in 2007–2008 was followed by increasing leverage of government sector and deleveraging in private sector in advanced economies; emerging economies generally experienced an increase in leverage and China is not an exception.]
[Since the eruption of global financial crisis, shadow-banking system as a new concept has come to the spotlight of financial circles in China and abroad. In China’s bank-dominated financial system, loans have accounted for the majority of credit creation.]
[Return on assets (ROA) refers to the ratio between the amount of return on assets and assets employed to create such return and can be expressed by the following equation: ROA = Return on assets/Assets stock.]
[China’s government debt includes central and local government debts. Among them, central government debt under budgetary management is clearly defined, i.e. outstanding balance of year-end national debt.]
[Against the backdrop of slowing economic growth over the past few years, the credit asset quality of China’s commercial banks has been deteriorating.]
[The objective of monetary policy is to maintain the stability of currency value and thus spur economic growth. To accomplish this goal, monetary policy needs to be adjusted in line with change in macro-economic situation.]
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