China's ex-central bank governor urges efforts to fight deflationary pressure
SHANGHAI - China's former central bank governor Yi Gang said on Friday the country should focus on fighting deflationary pressure as the world's second-biggest economy struggles to lift-off despite a raft of policy support measures.
China's economy expanded 5.0% in the first half of 2024 but growth momentum has waned since the second quarter. "Overall we have the problem of weak domestic demand, especially on the consumption and investment sides, so that needs proactive fiscal policy and accommodative monetary policy," Yi said. "The immediate focus should be that the GDP deflator should be turned to positive. Even if we realise the difficulty of that, we should try our best," Yi said.
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