China’s vice premier Liu calls for more monetary stimulus


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China’s vice premier Liu calls for more monetary stimulus

Earlier on Thursday, the 13th of June 2019, Chinese vice premier Liu He, who led a Chinese team of negotiators to avert an escalation of Sino-US trade spat, had called for more monetary injection to support the economy, as he had been quoted saying that the Chinese policymakers should accentuate more stimulus for the economy in order to keep sufficient scale of liquid money in the financial system, pointing towards Beijing might soon unveil more monetary measures to support its contracting public finances.

Besides, at a financial forum in Shanghai, Liu said Beijing still had plenty of policy instruments to grapple with various challenges including a lacerating trade conflict with the United States. Liu’s latest comment came forth after a day official data had revealed that China’s credit growth had been weaker-than-anticipated last month, while its shrinking imports had also added to the worries over domestic financing.

Aside from that, further underscoring a sluggish growth in Chinese economy, its factory activity was contracted in May after witnessing a nearly 30-year-low manufacturing activity on last April. While Chinese imports had fallen for the most in three years and market was expecting further reinforcement, Liu, the leading negotiator of US-China trade talk, said, “At present, we do have some external pressures, but those external pressures will help us boost our self-reliance in innovation and accelerate the pace of high-speed development”.