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Improving China's fiscal and monetary policies
2014-08-06
By Zhang Junwei, Department of Macroeconomic Research, Development Research Center of the State Council (DRC)
Report No 60, 2014 (Total 4559)
Summary:
As China's economy started to change after 2003, it began adjusting fiscal and monetary policies to maintain stable economic operations during various phases of the economic cycle. China finds itself at a critical point going from a medium- to a high-income country, at a time when it is also important to continue reforms in a complex environment while it faces huge macroeconomic challenges.
And the country needs to improve its fiscal and monetary policies in the following ways: make better use of economic information and hold economic performance within a proper range; make monetary policies more independent and flexible; establish a more unified budget system and remove inconsistencies; coordinate fiscal, monetary and related policies; and improve policy design and effectiveness.
