by Beijing: China needs to decisively ramp up fiscal spending so it can support an economy damaged by Western restrictions on trade, according to a Chinese scholar studying an unconventional school of economic thought.Jia Genliang – the co-author of the new book Modern Monetary Theory in China and a professor at the Renmin University of China in Beijing – said China should lift its headline deficit ratio to above 5% of gross domestic product on average for the next decade.…Jia is one of the most prominent Chinese proponents of Modern Monetary Theory (MMT), whose principle is that countries which borrow in their own currencies don’t face a real debt limit because they can print money to pay for it. That theory has attracted attention in China over the past few years as authorities relied more
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Beijing: China needs to decisively ramp up fiscal spending so it can support an economy damaged by Western restrictions on trade, according to a Chinese scholar studying an unconventional school of economic thought.The StarJia Genliang – the co-author of the new book Modern Monetary Theory in China and a professor at the Renmin University of China in Beijing – said China should lift its headline deficit ratio to above 5% of gross domestic product on average for the next decade.…
Jia is one of the most prominent Chinese proponents of Modern Monetary Theory (MMT), whose principle is that countries which borrow in their own currencies don’t face a real debt limit because they can print money to pay for it. That theory has attracted attention in China over the past few years as authorities relied more on fiscal stimulus and infrastructure investment to help a slowing economy.
Chinese scholar calls on Beijing to raise deficit ratio to 5%
Jia Genliang , professor at the Renmin University of China in Beijing and co-author of the new book Modern Monetary Theory in China