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MNI BRIEF: China Needs To Fight Deflation Stress - Yi Gang

MNI (Singapore)
(MNI)Beijing

China should move immediately to fight deflationary pressure via an accommodative monetary policy and a proactive fiscal stance to address economic growth, said Yi Gang, former governor of the People’s Bank of China, on Friday at the 2024 Bund Summit.

The Chinese economy is recovering but at a slow pace due to weak domestic demand reflected by sluggish consumption and investment, he noted, pointing out the country has seen a negative GDP deflator in the past several quarters. Hopefully, the GDP deflator can turn “slightly positive” over a couple of quarters in the future with both CPI and PPI edging up, he continued. (See MNI: PBOC Eyes Lower Rate For GDP Target, RRR Cut Optional)

Authorities should emphasise economic recovery while dealing with issues in real estate and local-government debt, and improve expectations on the economic growth outlook, income and employment, he said.

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