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Former Finance Chief Suggests Direction for Supply-Side Reform

Structural reform will underpin growth for China in the coming years, because the effects of fiscal and monetary stimulus measures — which China has used to shore up the economy for years — are waning, Lou Jiwei said. Photo: IC
Structural reform will underpin growth for China in the coming years, because the effects of fiscal and monetary stimulus measures — which China has used to shore up the economy for years — are waning, Lou Jiwei said. Photo: IC

China must emphasize supply-side structural reform in its economic policymaking, as fiscal and monetary stimulus will have limited ability to propel growth going forward, the country’s former finance minister said.

Last year’s better-than-expected economic growth of 6.9% reflected positive trends in the Chinese economy, as government-guided supply-side reform gradually took effect, Lou Jiwei said at a forum over the weekend. Lou was China’s finance minister from 2013 to 2016, and is now head of the National Council for Social Security Fund.

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