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在线翻译:
szdaily -> Business -> 
Policy debate deepens
    2018-07-23  08:53    Shenzhen Daily

A POLICY debate in China on how best to address slowing growth deepened Friday, as analysts urged authorities to boost fiscal stimulus amid rising risks to the world’s second-biggest economy from a trade conflict with the United States.

An article in Financial News, which is run by the People’s Bank of China, quoted analysts as calling for an adjustment to fiscal policy and some loosening of financial regulations, saying monetary policy would not be able to resolve corporate funding challenges on its own.

The article cited CITIC Securities fixed income analyst Ming Ming as saying that maximizing effectiveness of monetary policy requires active coordination with fiscal and regulatory policies.

“There is still a lot of room for fiscal policy” support, and policymakers should focus on the “strength and rhythm” of regulations, “fully considering the impact on market expectations,” Ming said.

As China’s economic growth slows, it has sparked a debate among government researchers on whether fiscal policy should help to soften the impact of a trade war with the United States.

Overall credit growth has slowed in China this year, with off-balance sheet lending, or shadow banking, contracting amid a crackdown on financial risks.

But Friday’s article said the latest data showed bank lending was not making up for the gap in credit due to shrinking off-balance sheet lending.

“The central bank’s targeted policies are difficult to realize in practice. ... It is not useful to release liquidity alone. The money flows into some parts of the system and does not flow out,” said a regulatory official.

Bank executives said that a lack of clarity on new financial market policies is holding up lending to firms.

In the same article, Ming said the crackdown on shadow banking had lowered financial institutions’ risk appetite and restricted credit from flowing to the real economy.(SD-Agencies)

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