As China's economic recovery falters due to a real estate slump and weak consumer confidence, economists are increasingly calling for government intervention to boost growth. Experts like Liu Shijin, former deputy head of the Development Research Center at the State Council, propose measures such as issuing ultra-long government bonds for investment and addressing challenges faced by migrant workers.
The world's second-largest economy has remained under pressure from a real estate slump and tepid consumer confidence.
BEIJING — More economists are calling for China to stimulate growth, including those based inside the country. Goldman Sachs earlier this month joined other institutions in cutting their annual growth forecast for China, reducing it to 4.7% from 4.9% estimated earlier. The reduction reflects recent data releases and delayed impact of fiscal policy versus the firm's prior expectations, the analysts said in a Sept. 15 note.
Beijing in late July announced more targeted plans to boost consumption with subsidies for trade-ins including upgrades of large equipment such as elevators., which once accounted for more than a quarter of the Chinese economy. But the property slump persists, with related investment"The elephant in the room is the property market," said Xu Gao, Beijing-based chief economist at Bank of China International.
"Top leaders appear content to limp towards this year's GDP growth target of 'around 5%,' even if that target is achieved through nominal growth of around 4% combined with around 1% deflation," he said.
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