Quotes of the day

"China faces a serious debt problem, especially among non-financial enterprises. If we don't undertake fundamental reform, improve the efficiency of capital and raise profit margins, our debt problem can't be resolved, even by stimulating demand."

Yu Yongding, research fellow at the Chinese Academy of Social Sciences

"Profits are growing more slowly or falling at all city commercial banks, including ours. The move to market-based interest rates is having a larger impact on small banks."