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Message to China: Prepare for the Worst

Downtown Qiqihar, Northeast China's Heilongjiang province on June 23. Photo: IC
Downtown Qiqihar, Northeast China's Heilongjiang province on June 23. Photo: IC

Downside risks to China’s economic growth in the second half of this year are increasing due to deepening trade friction with the U.S. and slowing domestic demand, a senior policy adviser has warned, urging Chinese authorities to prepare for the worst.

The government should keep its macroeconomic policy generally consistent and press ahead with the structural reform and deleveraging campaign to “stabilize expectations,” Wang Yiming, a vice minister of the Development Research Center (DRC) of the State Council, a top government think tank, said over the weekend. “At the same time, we need to adopt bottom-line thinking and draft all types of contingency plans to take targeted measures” to “appropriately deal with the trade friction” with the U.S., he said.

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