HK press report China will not introduce another “giant stimulus programme”
South China Morning Post with a piece on remarks from the head of the Chinese Academy of Fiscal Sciences.
The issues facing China include the ongoing trade war with the United States, which is a negative for the external sector of economy, and also a slowing domestically.
- "We will not introduce another giant economic stimulus programme for the problem we are faced with now … it is different from the problems in 2008"
- "Though the stimulus programme was a necessity back in 2008, we need to admit that it caused overcapacity and low quality goods"
Instead, measures will include:
- tax reductions
- budget management reform
Chinese Academy of Fiscal Sciences is a think tank under the Ministry of Finance that advises Beijing on fiscal policy.