China Will Tame Its Growing Debt Load in 3 Years, Top Xi Adviser Says<br />DAVOS, Switzerland — A reclusive and influential senior adviser to President Xi Jinping of China emerged here on Wednesday with a public message<br />that many in the financial world have been eager to hear: The country has a timetable for curbing its vast appetite for debt.<br />But his speech was the latest sign that the Chinese government would de-emphasize debt-fueled growth in the coming years<br />and would instead sharpen its focus on solving thorny economic and social problems, including a surge in borrowing.<br />He is also widely expected to take charge of a financial stability commission created last summer<br />that is to have broad powers to oversee domestic economic policy, including fiscal issues and financial regulation<br />He has met frequently over the years with Treasury secretaries from the United States<br />and with other foreign officials, always privately and often away from government buildings to make clear that his role was unofficial.<br />Mr. Liu said Beijing intended to focus on reining in the growth of debt among local governments and companies.<br />Over the course of about a decade, China has accumulated levels of debt that match those in the United States when compared with the overall economy.<br />Mr. Liu did not offer details of the government’s plans, or a specific standard by which China could be judged on whether it had achieved its goal.
