PBOC Adviser Says China Urgently Needs to Boost Consumption
- Cai Fang calls for putting money directly in people’s pockets
- Officials have avoided what some of them call “welfarism”
The People's Bank of China (PBOC) building in Beijing.
Source: Bloomberg
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An adviser to China’s central bank says the top priority for policymakers needs to be stimulating household consumption, comments that come amid further signs the economic recovery is faltering.
“The most urgent goal now is to stimulate household consumption, and it is necessary to use all reasonable, legally compliant and economic channels to put money in residents’ pockets,” said Cai Fang, a member of the monetary policy committee at the People’s Bank of China.