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Nov. 30 (Bloomberg) -- China needs “new thinking” to sustain growth or the government may be forced to loosen credit which will mostly benefit large state-owned enterprises and lead to the same economic problems as in the past, said Xia Bin, a central bank adviser and researcher at the State Council’s Development Research Center.
The government must implement measures to boost private businesses to bolster growth as export demand weakens and the property market cools, Xia said at a conference in Beijing today.
Policies mustn’t be “easily” loosened or the country could see a replay of the problems faced in the aftermath of the stimulus during the 2008 financial crisis, Xia said.
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