Pedestrians on Nanjing Road shopping area in Shanghai, China, on Wednesday, Aug. 7, 2024. Photographer: Qilai Shen/Bloomberg
CHINA's policymakers should step up economic stimulus measures in the remainder of the year, including expanding the budget deficit and distributing more money directly to households to boost spending, in a bid to prop up the world's second-largest economy amid several headwinds, said a renowned economist.
Zhang Yansheng, former secretary-general of the Academic Committee of the National Development and Reform Commission, said the broader economy is facing pressures and challenges from lackluster demand and weakening expectations, highlighting the need for a package of stimulus measures to significantly boost domestic demand in the short term.
