The collapse in China's economic activity caused by the coronavirus has loudened calls from top policy advisers for the government to hasten the rollout of fiscal stimulus, as ballooning unemployment threatens social stability.
BEIJING - The collapse in China’s economic activity caused by the coronavirus has loudened calls from top policy advisers for the government to hasten the rollout of fiscal stimulus, as ballooning unemployment threatens social stability.
Such policies would ordinarily need legislative approval, but many argue they could be implemented ahead of the largely rubber-stamp parliament. No new date for parliament, known as the National People’s Congress, has been announced, though some sources say it could be held next month. “This pales in comparison to the package the Chinese government deployed in 2009 or the packages that other countries currently implement,” said Stefan Legge, an economist at the University of St. Gallen in Switzerland.
Zhang Ming, an economist at the Chinese Academy of Social Sciences - a top state think tank - expects total fiscal stimulus spending this year to be around 5 trillion yuan , or about 5-6% of GDP.
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