NEWS： China Needs Fiscal and Monetary Expansion to Restrain the Slow Growth
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Yu Yongding, member of the Academy of Social Sciences and former member of the Monetary Policy Committee of the People's Bank of China, believes that the pressing problem in China is to curb the further decline of economic growth. Therefore, it is necessary to implement expansionary fiscal policies, supplemented by moderately loose monetary policies, while exchange rates and house prices should not restrain the central bank.
In a recent interview with First Finance and Economics, he said that China is conditional to pursue expansionary fiscal policies. China's budget deficit may exceed 3% of GDP in the future, but this is not an untouchable level. China should not stick to the 3% deficit target.
"China's experience over the past 40 years has proved that without a certain economic growth rate, all problems will worsen, because most economic and financial problems are denominated by economic growth. Without a certain economic growth rate, long-term issues such as structural adjustment and economic restructuring cannot be addressed. Yu Yongding said.
China's manufacturing PMI just released in December fell to a 34-month low, with manufacturing PMI falling below 50 to 49.4, a 34-month low, indicating that weak domestic and foreign demand is making China's manufacturing industry vulnerable. The deterioration of leading indicators also means that the downward pressure of China's economy is increasing.
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