China economists urge Beijing to act fast on local-level debt before low prices vanish

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Beijing should expand central government borrowing and accelerate local debt restructuring, as China’s relatively low price levels offer a rare window for stronger fiscal support to bolster demand, according to some prominent Chinese economists.“With oil shocks pushing up prices, and inflationary pressures spreading globally, China currently has the lowest price levels, while prices elsewhere are significantly higher,” said Yu Yongding, a former member of the People’s Bank of China’s Monetary...