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BlackRock's Fink says China needs more aggressive reforms

BlackRock's Fink tells China to get aggressive on reforms

China needs to be more aggressive in its reforms if it wants to smoothly transition from an export-oriented economy to a services-driven one, the head of BlackRock, the world's biggest asset manager, said on Tuesday.

"China is struggling with excessive leverage within a lot of financial institutions," BlackRock Chairman and Chief Executive Officer Larry Fink said at a BlackRock forum in Hong Kong.

"They need to be more aggressive in their reforms. Reforms are slower than what I would have preferred."

He added there are still too many state-owned enterprises in China and that the recent "explosion in credit" is "the wrong way to reorient the economy".

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