China Should Increase Counter-Cyclical Efforts On Growth: Daily

China should seize the current favorable opportunity to increase counter-cyclical policies before any U.S. rate hike, by accelerating the initiative-taking fiscal policy and titling prudent monetary policy to loosening, the Economic Information Daily reported citing Sheng Songcheng, a former PBOC official. China should take multiple measures to cope with short-term downward pressures, as any long-term structural reforms will be impossible without economic stability, said Sheng, combating ideas about monetary tightening to help prevent real estate and local government debt risks. Investment will be the main driver to boost growth next year as it takes time for consumption and service industries to recover while exports could weaken, Sheng said.