The Chinese financial system faces “a steady build-up in vulnerabilities” that require the government to relax its grip on banks, the exchange rate and interest rates, the International Monetary Fund said in its inaugural evaluation of China’s financial sector.

国际货币基金组织(IMF)在其首份中国金融业评估报告中表示，中国金融体系“脆弱性不断蓄积”，这种局面要求政府放松其对银行、汇率和利率的严密管制。

The IMF applauded the progress that China has made in giving freer rein to market forces and strengthening regulation but warned of a series of short-term risks facing the world’s second-biggest economy, from defaults on infrastructure projects to the rise of shadow banking.

对于中国在让市场力量发挥更大作用以及加强监管方面取得的进展，IMF表示赞许，但同时警告称，全球第二大经济体面临一系列短期风险，从基建工程违约，到影子银行业发展壮大。

“While the existing structure fosters high savings and high levels of liquidity, it also creates the risk of capital misallocation and the formation of bubbles, especially in real estate,” said Jonathan Fiechter, head of the IMF team that conducted the analysis.

“尽管现有架构有助于保持高储蓄率和高度流动性，但它也制造了资本配置不当和形成泡沫（尤其是在房产业）的风险，”进行这项分析的IMF团队负责人乔纳森•菲赫特(Jonathan Fiechter)表示。

“The cost of such distortions will only rise over time, so the sooner these distortions are addressed the better.”

“此类扭曲的成本只会随着时间的推移而上升，因此越早解决越好。”

The People’s Bank of China said the IMF report was generally constructive but that some of the recommendations were wide of the mark.

中国央行表示，IMF这份报告总体上是富有建设性的，但有一些建议有失妥当。

“There are certain views in the report that are insufficiently comprehensive and insufficiently objective,” the central bank said in a statement. “Some of the recommendations such as the timeframe and the prioritisation of reforms lack a thorough understanding of China’s reality.”

“报告中还存在个别不够全面、不够客观的观点，”中国央行在一份声明中表示。“所提出的某些改革措施的具体时间框架和优先顺序等建议尚需结合我国实际深入研究。”

Without specifying where it believed that the IMF report had erred, the central bank said China had made great strides in reforming its currency, its banks and its broader financial sector.

中国央行没有说明它认为IMF报告在哪些地方不妥，但表示，中国已在改革汇率、银行和整体金融业方面取得了长足进步。

In charting out a rough guide for policymakers, the IMF said one of the most important early reforms for China was to make its exchange rate more flexible.

IMF为政策制定者绘制了一份粗略指南，表示对中国来说，最重要的早期改革之一就是加大汇率弹性。

At the same time, it said that banks, which are still owned and closely controlled by the government, needed to operate on a more commercial basis.

IMF称，与此同时，仍属国有、且受到政府密切控制的中国各银行，需要在更加商业化的基础上开展经营。

Focusing on the danger from a fall in housing prices – something that has started over the past month, long after the IMF completed its assessment – the report was cautiously optimistic.

对于房价下跌（这种情况已在过去一个月里开始出现，而IMF的评估早已完成）所构成的危险，报告持谨慎乐观的态度。

It noted that real estate developers and mortgage borrowers had relatively low leverage, mitigating the impact of a downturn on the banking system.

报告指出，中国房地产开发商和抵押贷款人的杠杆率相对较低，这将缓解对银行体系的冲击。

But the IMF also said banks “could be severely impacted” if a housing correction occurred at the same time as other risks such as capital outflows and tumbling equity markets.

但IMF也表示，若楼市回调与其它风险（如资本流出和股市大跌）同时发生，中国各银行“可能受到严重冲击”。

It added that some of the new risks facing China were products of the reforms that it has set in train over the past three decades: “The system is becoming more complex and interlinkages between markets, institutions, and across international borders are growing.”

IMF还表示，中国面临的一些新风险，是其在过去30年期间推行的改革的产物：“整个体系正变得更加复杂，市场、机构之间，以及跨越国境的相互联系不断增加。”