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China will ramp up fiscal and monetary stimulus if needed to ensure the economy grows at about 5.5% in 2022, and Beijing will not allow the property sector to suffer a long-term slump, high-ranking policy advisors told reporters at a briefing on Friday.

China can achieve this growth despite continued challenges including the pandemic and unstable supply chain, said Zhu Guangyao, former Vice Finance Minister. The country left enough policy space and saved ammunition last year, said Li Yang, senior fellow of the Chinese Academy of Social Sciences.

Li said the current weakness in consumption was due to slow income growth, lack of consumer confidence and high household debt. The government won't allow the property market to enter a slump as the sector is linked to many industries and interests, he said. This year isn't the right time to expand the trial property tax introduced in cities including Shanghai and Chongqing, he said.

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