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The space for fiscal and monetary policy in China is shrinking due to the high debt level, Lou Jiwei, former finance minister, told the 11th Caixin Summit Friday adding that the concern is that the global economy is far from recovery while asset prices are already high.

China's central bank should consider withdrawing its easy policy at a gradual pace now, but fiscal policy will still be supportive next year, Lou added.

Referring to the election outcome in the U.S. he said that if Joe Biden took office, he would cooperate with other countries, including China, to improve the global economy.

MNI Singapore Bureau | +65 9 632 1991 |
MNI Singapore Bureau | +65 9 632 1991 |

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