Chinese economists are having a big debate – Should PBOC buy government bonds?

 

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Chinese economists are having a heated debate about whether the country should resort to the so-called "monetisation of fiscal deficits". Some say it will create more room for fiscal policy in the current difficult situation, while others warn that it could bring more financial risks and place the government outside of market discipline.

The "monetization of fiscal deficits" refers to an approach that a government borrow directly from the country's central bank, or put it in anther way, the central bank directly purchase government bonds in the market.

"As the government is facing . . .

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