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Prelude to the Best Sommelier of Canada Contest | SaltWireBEIJING - China is set to unleash fresh fiscal stimulus to shore up its economic recovery, drawing on a well-used playbook that relies heavily on debt and state spending but falls short on the deeper reforms called for by a growing number of analysts.
But while the upbeat surprise gave battered China investors some cause for cheer, there are deeper concerns about the continued demise of private sector activity and the lack of longer-term reforms needed to shift the economy to consumer-led growth."We need to make good preparations for next year and implement policies to stabilise growth. The foundation of economic recovery is not solid," said an adviser to the cabinet who spoke on condition of anonymity.
For those looking for structural reforms, the focus is on policies that spur urbanisation and household spending power, reduce the reliance on investment and level the playing field between state-owned enterprises and private firms. Local governments have been told to complete the issuance of the 2023 quota of 3.8 trillion yuan in special local bonds by September to fund infrastructure.
"For next year, actual growth could be lower than 5% but it cannot be too low, otherwise some problems will become more striking, such as employment and incomes," Xu told Reuters.
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