China economy woes leads Beijing’s top policymakers to seek advice from noted economists
- Precise advice given by economists Lu Ting and Cai Fang not disclosed, but their writings have offered glimpses of their views on China’s ailing economy
- Private sector advisers being called before State Council suggests Chinese government becoming more flexible in approach to boosting growth
China’s State Council sought advice from private sector economists during a meeting this week, suggesting the cabinet-level body is casting a wide net to find solutions to the country’s mounting economic problems.
The advice of economists Lu Ting and Cai Fang was not disclosed but their writings before and after the meeting, which was chaired by Premier Li Keqiang, suggested that they called for stronger stimulus to arrest China’s slowing economy, and more reforms to shore up long-term growth and defuse any risk to social stability.
After the meeting, Li said: “The current external environment [has become] more complex and severe, with increasing downward pressure on the domestic economy, rapidly rising prices of pork and other products, and increasing difficulties in the business operations of companies.”