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(M2) Gains Still Considered Corrective

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MNI (Beijing)
     BEIJING (MNI) - China's deficit may be higher in 2020 to help revive
slowing growth, said Liu Shangxi, the president of Chinese Academy of Fiscal
Sciences, an institute under the Ministry of Finance.
     "Based on the current economic condition, the deficit next year may be
higher than this year," Liu told MNI on the sideline of the China Development
Forum on Friday. Premier Li Keqiang's government's official deficit ratio for
this year was set at 2.8% in March. 
     However, the government must improve businesses' expectation of generating
incomes through reform measures such as reducing taxes and fees, and deficit
increase and more debt issues alone won't be enough, Liu said.
     Asked why China is issuing next year's local government bond quotas this
year, Liu said the purpose is to help the local authorities do their budget. 
--MNI Beijing Bureau; +86 10 8532 5998; email: william.bi@mni-news.com
--MNI Beijing Bureau; +86 (10) 8532 5998; email: marissa.wang@marketnews.com
[TOPICS: M$A$$$,M$Q$$$,MI$$$$]

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