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China should step back from battle against financial risks for now, rethink growth target – former PBOC advisor

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Yu Yongding, a prominent economist in China and former central bank advisor, said on Friday that China should shelve its “critical battle” against financial risks and consider absorbing the losses of small enterprises hit by the new coronavirus.The government should cut interest rates, rethink its growth target for this year and use an even more expansionary fiscal and monetary policy than ordinarily needed to reach 6 per cent annual growth, said Yu Yongding. Banks should roll over loans . . .

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