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Improving China's fiscal and monetary policies


By Zhang Junwei, Department of Macroeconomic Research, Development Research Center of the State Council (DRC)

Report No 60, 2014 (Total 4559)


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.