China’s economic planners pledged to adopt more “proactive” and “flexible” fiscal and monetary policies in the new year, the official Xinhua news agency reported yesterday, as the country looks poised to post its slowest annual economic growth rate in 25 years.
The government will embrace more “accommodative” fiscal and monetary policies, said a policy official familiar with the planning, while reducing surplus production capacity, lowering costs for businesses and selling off stockpiles of properties and industrial goods.
“There will be fiscal policy to expand government spending and increase the government’s deficit,” the official said, adding that the economy “will follow an L-shaped path; it won’t be V-shaped”.
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