Expert urges leveraging fiscal, monetary policies to spur market vitality

BEIJING -- A Chinese expert Wednesday called for coordinating fiscal and monetary policies to stimulate the vitality of market entities and stabilize economic fundamentals in the face of current downward pressure.

Stabilizing market entities secured the most vital position in this year's economic work against the backdrop of triple pressures of shrinking demand, disrupted supply, and weakening expectations, Yao Jingyuan, a research fellow at the Counsellors' Office of the State Council, told an online seminar.

"With vigorous market entities, stable economic growth will be achieved, and more jobs will be created," Yao said.

To boost market vitality, Yao urged giving full play to the role of fiscal policy in reducing taxes and fees for market players.

Efforts should also be made to leverage monetary policy in lowering financing costs for businesses, cutting the reserve requirement ratio and interest rates as necessary measures, Yao said.