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Ex-PBOC Adviser Argues for Wider Deficit

CHINA
  • Ex-PBOC Adviser argues in local press that China needs to widen the deficit this year, as well as increase bond sales in 2024 in order to meet the central GDP growth target of 5%. Comments stem from an article posted in Weixin here: https://mp.weixin.qq.com/s/WHR4ti44AB3MbO3OE5gzZQ
  • Speculation around further stimulus through both fiscal and monetary channels had been a key driver of the bond rally in China, which hit a new milestone today with a record close.
  • The article is one of many in recent months arguing for a more proactive approach to economic management, which has come under particular focus ahead of the Third Plenum meeting set for July.
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