(Bloomberg) -- China should shake off its “taboo” regarding quantitative easing — the once-unorthodox central bank policy of buying government bonds — and...
-- China should shake off its “taboo” regarding quantitative easing — the once-unorthodox central bank policy of buying government bonds — and recognize that it may be necessary in the interest of stoking economic growth , a former People’s Bank of China adviser said.Stocks Rise as Bullish Nvidia Call Boosts AI Trade: Markets Wrap
Yu’s comments on QE were in the context of a call for China to consider scaling up its sovereign bond issuance and adopting a wider fiscal deficit in order to ensure it secures Beijing’s economic growth target of about 5% for this year. He suggested the proceeds could be used to increase infrastructure investment and address risks stemming from the property slump and from debt run up by local authorities.
Yu said it’s become more challenging for China to achieve 5% growth than expected at the beginning of the year. While strong manufacturing expansion has alleviated the need for infrastructure investment to step up, it’s not enough to offset the impact of the slowdown in consumption, he said. Beijing has called on Washington to "stop fabricating and disseminating false information" in response to a report that the Pentagon ran a secret campaign during the Covid-19 pandemic to discredit China's vaccines. "The facts have proven time and again that the United States has consistently spread false information through the manipulation of social media, poisoned the public opinion environment and smeared the image of other countries.
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