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- China strikes a dovish tone on the policy stance – Standard Chartered
China strikes a dovish tone on the policy stance – Standard Chartered
FXStreet reports that China is set to continue to implement ‘proactive fiscal policy’ and ‘prudent monetary policy’ in 2021 while economists at Standard Chartered continue to expect gradual credit tightening and fiscal consolidation in 2021, but no policy rate hikes.
“Economic policy must maintain continuity, stability and sustainability in 2021, as the foundation of the economic recovery is not solid, according to the CEWC. China should maintain ‘proactive fiscal policy’ and ‘prudent monetary policy’, with no sharp policy turns in 2021; ‘flexible, accurate and appropriate’ monetary policy to keep money supply and total social financing (TSF) growth consistent with nominal economic growth to stabilise the macro leverage ratio; and aim fiscal policy at improving efficiency and sustainability, maintaining appropriate expenditure and ensuring support for major national strategic objectives.”
“We expect the official budget deficit to be lowered to 2.8% of GDP in 2021 from 3.6% budgeted in 2020. The broad budget deficit is likely to be lowered to c.6% of GDP in 2021, from an expected actual deficit of 8% in 2020.”
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