China Advisor: Higher Budget Deficit Will Support 2023 Growth Recovery
-
China can raise its budget deficit ratio in 2024 to support economic recovery as central government has room to issue more debt, says PBOC adviser Wang Yiming.
-
Higher budget deficit in 2023 will help drive China's economic recovery according to Wang.
-
Wang says China is able to achieve over 5% economic growth this year.
-
Weak external and domestic demand increase overcapacity pressures in China, Wang says.
-
China sharply lifted its 2023 budget deficit to 3.8% of GDP from 3% due to planned issuance of 1 trillion yuan in bonds.