China must take measures as soon as possible to get the faltering krone recovery back on track. The deputy chairman of the Chinese People’s Political Consultative Conference (CPPCC), Ning Jizhe, said today, Reuters reports.
Analysts at some international banks lowered their 2023 economic growth forecasts after May data showed weakening demand both within and outside China. This requires more incentives.
And it’s better to take these measures too soon than too late, said Ning, who also previously served as a vice chairman of the National Development and Reform Commission. “China’s economy is under severe pressure and facing an unstable recovery,” he said. “Therefore, macroeconomic measures must be meaningful in order to prevent a downward economic spiral.”
Stimulating
Chinese cabinet members met earlier this month to discuss growth measures. The ambition was to implement the policy in a timely manner and to act more vigorously in changing economic situations.
China’s central bank is also likely to continue cutting interest rates, although this could also hurt banks due to the continued reluctance of businesses and households to take out loans.
Source: BNR
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