China’s chief economic planner says Beijing has room to leverage up to rescue the coronavirus-stricken economy, pointing to official figures that show the country’s debt load remains low by international standards.
Cong Liang, secretary-general of the National Development and Reform Commission (NDRC), said at a press conference on Saturday that it was “viable, safe and necessary” for the Chinese government to increase borrowing to address the economic downturn.
The remarks follow the announcement on Friday by Li Keqiang, China’s premier, that Beijing would issue bonds and raise the fiscal deficit by a combined Rmb5.8tn ($813bn) to revive the ailing economy.
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