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The stimulus of monetary policy alone...>

CHINA PRESS
CHINA PRESS: The stimulus of monetary policy alone cannot resolve the decline in
the risk preference of financial institutions as broad liquidity is tight and
narrow liquidity is loose, Financial News reported, citing Chen Jianheng,
analyst of CICC. 
- Fiscal policy has more room to act as the growth of fiscal expenditure was
slower than that of fiscal revenue in the first half of the year, the newspaper
said, citing Ming Ming, chief analyst of Citic Securities. 
- Increasing fiscal expenditure can bring up business deposits to alleviate the
impact of deleveraging, Ming noted. It is necessary to be alter to the pace of
tightening of off-balance sheet activities and its impact on the real economy,
Ming said, according to the newspaper.

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