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Proactive monetary policy to continue, claims researcher

CHINA'S proactive fiscal policy may extend for at least three years, claims a senior researcher at the Chinese Academy of Social Sciences who has called for less taxes and more government spending to sustain the country's economic growth.

"Conservatively speaking, the timeframe for China's proactive fiscal policy should cover at least three years, based on the country's current economic performance and the law of economic development," said Gao Peiyong, deputy director at the Institute of Finance and Trade under the CASS, in an article in today's People's Daily.

Chinese authorities adopted the proactive fiscal policy and moderately liberal monetary policy last November to counter the global financial crisis.

"The foundation of China's economic recovery is not that solid, (so) it is both necessary and urgent to seek stable development, even at the cost of fiscal imbalance," Gao said.

China's gross domestic product grew 7.1 percent in the first half, tailing off from the expansion of 9 percent in 2008 and 11.9 percent in 2007.


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