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Economic hardship ‘not bad’ for China In terms of reform capacity, the Western
capitalist countries, such as the US, are
far from role models to the world.
By Zhang Yansheng Source:Global Times Published: 2019/12/12 20:18:40 1
Global Times

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China is expected to maintain an economic growth rate of at least 6 percent in 2020. Still, the economy is preparing for the With blue eyes,
winter to last through next year. Economic hardship is anticipated, but the country's core concern is strategic policymaking: golden hair and
whether governments at both central and local levels, businesses and individuals opt for quality growth based on structural fair skin, 44-year-
reforms or pursue fast, stimulus-driven growth. old Dong, a
farmer who has
A simultaneous slowdown in the global economy will continue. If the Chinese economy outshines other economies next year, it gained ...
will not necessarily be a good thing as the global economy will nonetheless be a burden. A worsened Chinese economy next
year would not necessarily a bad thing either. In light of this, China's efforts to build the Belt and Road Initiative and push for
consumption, services growth and quality development in the agricultural, industrial, and services sectors will create demand in
the global economy in investment, imports and services. Such efforts are envisioned to advance the transition of domestic SPECIAL COVERAGE >>
businesses toward more sophisticated growth.
Dateline Hong Kong
Some have proposed a larger input into infrastructure construction for the next year. I believe China will not commit flood-like Only by ending
investment to infrastructure. Investment has lost steam in traditional industries such as infrastructure, manufacturing and real the riots can Hong
estate. More infrastructure can only yield a diminishing marginal effect rather than being useful for the entire country. If the Kong get back to
annual Central Economic Work Conference puts infrastructure development on the agenda, it is likely to stress high-quality normal.
growth.

Exploring a real Xinjiang

China has many shortages in terms of the efficiency and convenience of its infrastructure. More investment is needed to boost
more efficient and convenient infrastructure connectivity and sustainable development. Also, public-facilities infrastructure Northwest China's
should utilize more environmentally friendly and low-carbon materials. Investment for industrial and chemical waste disposal Xinjiang Uyghur
should also be increased. Autonomous
Region has long
This year has been a turbulent one and there will be great uncertainty in 2020, which will be a very important year. The been an
upcoming Central Economic Work Conference has begun early preparations in anticipation of the need for last-minute inseparable part
adjustments. A prelude to the conference has revealed one key opinion: the Chinese economy will continue its stable growth, ...
and this trend will not change.

But the Chinese economy will encounter pressure and challenges. The China-US trade war is causing major external impact.
Domestically, there will be challenges in the modernization of the governance system and its capabilities, the accommodation of
a high-quality growth mode, and the upgrading of efficiency and convenience for administrative services.

Monetary policy in the short run will focus on overall stability with countercyclical adjustment. In the medium term, it will follow
the established path of supply-side reform. In the long term, monetary policy will have to drive up high-quality growth.

Currently, global monetary policy is too loose, which will likely create an asset bubble and lead to a financial crisis if the bubble
breaks. Given this situation, a stable and prudent monetary policy is very important, as is maintaining a stable leveraging ratio.
The tight cash flow for the real economy is still a major problem calling for attention. China must take measures to bring about
structural reform. More liquidity should be offered through cooperative, preferential, green and technological finance, as well as
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long-term investment, rather than monetary policy changes and piling credit pressure on commercial banks.
Futuristic cars on display
Fiscal policy should play a more significant role. The right way to use fiscal policy to promote the efficiency and convenience of Big baby makes debut
macroeconomic policy - therefore better allocating liquidity - is a problem that needs to be studied. And countercyclical
Antique cars highlighted in US auto
adjustment should be conducted under market-oriented and international measures together with the rule of law. shows

The author is chief research fellow with the China Center for International Economic Exchanges.
bizopinion@globaltimes.com.cn
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