The Chinese central bank governor has warned over rising debt levels. To tackle the abnormal situation, the central bank feels necessity for promulgation of regulation guarding excessive leverage in foreign currencies. Meanwhile, the Chinese government vows to respond according to the call of time.
Chinese economy
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The falling oil price below $30 per barrel is impacting Canadian economy, which mostly depends upon commodities. Along with oil price, Canadian currency Loonie too declined against the US dollar. The weaker Loonie has eroded the purchasing power of Canada and is making imports costlier. Canada imports vegetables from the US. The surging US dollar made vegetables prices expensive by three folds for Canadian consumers.
The overall slow in the Chineses economy does not hurt General Motors' growth in the market. China still remains the largest market for General Motors, according to its president Daniel Ammann.
China will release its economic growth data on Tuesday, and most financial institutions are expecting the slowest expansion rate since 1990.
Chinese President Xi Jinping said on Saturday that the country should not focus on its economic growth rate only, reiterating China's push for a more sustainable, higher-quality expansion.
Chinese industrial profits dropped 4.2 percent in November to 676.12 billion yuan ($108.85 billion), official data showed on Saturday, the biggest annual decline since August 2012 as the economy hit major unexpected headwinds in the second half.
UN General Assembly President Vuk Jeremic lauded the strong growth posted by the Chinese economy.
