Opinion: China Can’t Juice Its Economy Without Increasing Its Deficit
Yu Yongding, a member of the China Society of World Economics and director of the Institute of World Economics and Politics at the Chinese Academy of Social Sciences, served on the Monetary Policy Committee of the People’s Bank of China from 2004 to 2006.
China’s economy will likely grow 2% to 2.5% this year, which may not be reassuring.
Hit hard by Covid-19, China’s economy shrank 6.8% year-on-year in the first three months of the year, but returned to a 3.2% year-on-year growth rate in the second quarter. As the potential growth rate of China’s economy is around 6%, we can suppose that GDP growth rates of the next two quarters will be around 6%.
Yu Yongding, a former president of the China Society of World Economics and director of the Institute of World Economics and Politics at the Chinese Academy of Social Sciences, served on the Monetary Policy Committee of the People’s Bank of China from 2004 to 2006.
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