China Should Increase Pro-growth Measures - Former Official

China should intensify pro-growth efforts to stabilise expectations and boost confidence, and push for stronger measures as policies have lagged behind the market curve, wrote Guan Tao, former director of the international payments department at the State Administration of Foreign Exchange. In an article published by SAFE's own China Forex magazine, Guan noted the government should play its role as lender of last resort and make good use of the favourable conditions of high private savings and low central government debt, while increasing and optimising fiscal spending. Authorities must also resolve real estate, local debt, small- and medium-sized financial institutions risk, and implement substantive market access reform, opening-up measures, fair law enforcement, and rights protection to promote the private economy.