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MNI BRIEF: China Should Combine Fiscal Stimulus With Reforms

MNI (Singapore)
MNI (Beijing)

China should increase its fiscal efforts including raising the budget deficit-to-GDP ratio in 2024 to stabilise the economy in the short-term, although it must step up structural reforms to unleash medium- and long-term momentum, Wang Yiming, the People’s Bank of China Monetary Policy Committee member, said Friday.

The central government leverage ratio is about 21.4% in 2022, the lowest among major economies, leaving large room for further increase, Wang told the 14th Caixin Summit in Beijing.

In the longer run, reforms should focus on changing the debt-driven development model, accelerating the urbanization of rural population, and innovating public service, said Wang, adding that room for trial and error, incentive mechanisms and greater openness are necessary to promote reforms, he said.

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