Leading economists have called for increased efforts to support employment and curb risks amid growing downward pressure on the Chinese economy, China Daily reported Monday.
China should step up efforts to implement supply-side reform and stabilize the economy, given that investment-driven growth remains insufficient, the newspaper quoted National Economic Research Institute Director Fan Gang as saying at the annual Chinese Economists 50 Forum on weekend.
More work should be done on the demand side, including moves to adjust money supply, but no massive stimulus plans should be adopted, Fan said.
While some progress has been achieved in China's deleveraging moves, economists said more efforts are needed to curb risks in the financial sector as corporate bonds and local government debts account for a big percentage of total debts, according to the report.
Lu Lei, deputy director of the State Administration of Foreign Exchange, said China should pay more attention to the risks of piling up debt in the private sector.
To tackle the challenges of local government debt, Li Yang, chairman of the National Institute for Finance and Development, said China could learn from Japan's experience and establish financial institutions to provide cheap, long-term financing, particularly for local governments.
China's economy expanded 6.6 percent in 2018, lower than the 6.8-percent growth registered in 2017 but above the official target of around 6.5 percent.
Policymakers have unveiled a series of supportive measures to stabilize growth, including reduction of taxes and fees, expanding consumption and investment and boosting employment.