Raise China's growth by issuing more renminbi bonds

Beijing

THE Chinese government's determination to carry through structural reform is welcome, but it is not enough. An equally, if not more, important task is to break the country's deflationary spiral and stabilise the economy at a rate consistent with its growth potential.

Structural reforms will improve China's growth potential, but they cannot stabilise the economy. Rather, the solution lies in switching to a much more aggressive fiscal policy.