The government implemented an
expansionary fiscal policy to stimulate the economy.
政府实施了扩张性财政政策以刺激经济。
The central bank decided on an
expansionary monetary policy to boost lending and investment.
中央银行决定采取扩张性货币政策以促进贷款和投资。
Expansionary policies can lead to increased employment and higher GDP growth.
扩张性政策可能导致就业增加和GDP增长提高。
The new government's budget is considered
expansionary, with increased spending on infrastructure.
新政府的预算被视为扩张性的，增加了基础设施支出。
An
expansionary phase in the business cycle typically follows a recession.
经济周期的扩张阶段通常发生在衰退之后。
The economist argued for
expansionary measures to counteract the economic slowdown.
经济学家主张采取扩张性措施来抵消经济放缓。
The introduction of tax cuts is an example of an
expansionary fiscal measure.
减税的引入是扩张性财政措施的一个例子。
Expansionary policies may cause inflation if not accompanied by corresponding increases in productivity.
如果扩张性政策没有伴随着生产力的相应增长，可能会导致通货膨胀。
In response to sluggish growth, the authorities enacted
expansionary economic policies.
面对增长迟缓，当局实施了扩张性经济政策。
The
expansionary impact of lower interest rates on the economy can be significant.
降低利率对经济的扩张性影响可以是显著的。
These in turn will require both monetary easing and expansionary fiscal policy to boost aggregate demand.
这反过来又需要货币宽松和扩张性财政政策来提振总需求。
In the new fiscal year, the primary task for Lenovo is how to successfully pass development cycles and create new growth engines while the industry is still in an "expansionary" stage, Yang said.
杨说，在新的财政年度，联想的首要任务是如何在行业仍处于“扩张”阶段的情况下成功度过发展周期，创造新的增长引擎。
"Last week, the International Monetary Fund revised up China's 2019 growth projection by 0.1 percentage point to 6.3 percent, citing factors including the recent developments in the China-US trade talks and China's stronger-than-expected expansionary fiscal policy.
This ensures that cross-region resources can benefit our clients and effectively support their expansionary strategies.
"China's reform and opening-up has contributed significantly to global development," Park said, as the Chinese government created huge demand via expansionary fiscal policy during the global financial crisis and thereafter, serving as a driving force for global economic growth via the largest consumer market in the world.
These include the government capital injections, interest rate cuts and unprecedented expansionary fiscal and monetary policies.
But the phase of highly expansionary monetary policy－whether traditional or non-traditional－is over, and we expect that yield curves will move upward and get steeper.
"China's foreign trade has already become stabilized with an upward momentum, and growth rates of exports and imports will both enter expansionary territory during the first quarter, thanks to effects gradually delivered from supportive policies," Wei said.
The annual work conference of the Ministry of Finance, which was held in late December, affirmed that China would implement a moderately expansionary fiscal policy in 2024 while improving the efficiency and effectiveness of fiscal governance.
Chang Haizhong, executive director of corporates at ratings agency Fitch Bohua, said he expects China's fiscal policy in 2024 to be more positively expansionary, with increased expenditures tilted toward major national strategic projects and people's livelihood.
Zhou called for expansionary macro policies to consolidate the recovery trend, estimating that the economy may expand by around 5 percent next year given the gradual recovery in domestic demand and easier external financial conditions.
China will implement a moderately expansionary fiscal policy next year while improving the efficiency and effectiveness of fiscal governance, to bolster economic resilience, prevent risks, and enhance public confidence, said the annual work conference of the Ministry of Finance held from Thursday to Friday.
Citing the recently concluded tone-setting Central Economic Work Conference, Zhou said, "China will likely adopt a more expansionary fiscal policy next year to boost the economy amid lackluster demand, a property downturn and a cloudy global outlook, including lifting its 2024 budget deficit and further tax and fee reductions.
To bolster growth, the government is expected to uphold a moderately expansionary fiscal and monetary policy stance in 2024," noted the document, titled Which Way Forward?
"Noting that Friday's meeting has set the tone for China's economic work next year, Xiong said the nation will implement expansionary policies to stimulate the economy and will likely set its 2024 annual growth target similar to this year's goal of about 5 percent.
Citing the previously released Caixin manufacturing PMI for last month, which rose by 1.2 percentage points to 50.7 and bounced back to expansionary territory, the report noted that the rebounds in both sectors have propelled the Caixin composite PMI for November to 51.6 from 50 in October, reaching a new high for the past three months.
Further rate cuts and a reduction in the reserve requirement ratio could be expected later this month, and China will likely pursue expansionary policies to bolster its economy next year, Xiong said.
China can adopt a more expansionary fiscal policy next year to underpin economic recovery amid multiple challenges including the downturn in the property market and stress from local government debts, experts said on Monday.
China's economy will likely expand at a rate of 5 percent next year, under the premise of adopting an expansionary fiscal policy, improving coordination between fiscal and monetary policies, and further optimizing real estate measures, he said.
The gauge for new orders remained in the expansionary territory for the fourth consecutive month, recording the highest reading since June.
Looking ahead, Xiong said he expects to see further rate cuts and a reduction in the reserve requirement ratio this month, adding China will likely implement expansionary policies to boost the economy next year.
熊说，展望未来，他预计本月将进一步降息和降低存款准备金率，并补充道，中国很可能在明年实施扩张性政策以刺激经济。
It would be sensible to set next year's deficit ratio above 3 percent, if necessary, in order to achieve the economic growth target, Yu said, stressing that an expansionary fiscal policy is crucial to stabilize growth at a level in line with the country's potential growth rate.
Yu Yongding, a former member of the Monetary Policy Committee of the PBOC and an academic member of the Chinese Academy of Social Sciences, said it would be sensible to set next year's deficit-to-GDP ratio above 3 percent if necessary, adding that an expansionary fiscal policy is crucial to stabilize growth at a level in line with China's potential growth rate.
It would be sensible to set next year's deficit ratio above 3 percent if necessary for achieving the economic growth target, Yu said, stressing that expansionary fiscal policy is crucial for stabilizing growth at a level in line with China's potential growth rate.
However, recovery signs seen amid series of supportive policy measuresChina's factory activity unexpectedly shrank in October after returning to expansionary territory the month before, official data showed on Tuesday, reflecting subdued demand and shoring up the case for further steps to consolidate recovery.
"The Chinese government should adopt a more proactive fiscal policy, as well as a more expansionary monetary policy," Lin said.
"By sending the market a strong signal of moderately expansionary monetary policy, a 0.5-percent interest rate cut may even generate the effect equivalent to cutting the rates by 1 percent.
More proactive fiscal policy and moderately expansionary monetary policy are needed as the external shock of weak global demand and the sharpest US monetary tightening on record has converged with domestic enterprises' damaged balance sheets, he said.
An expansionary fiscal policy that targets demand should be prioritized," he said.
According to the report, the key task of this year is to achieve the recovery of macroeconomy and restore microcosmic foundation, in a bid to return to the track of expansionary growth.
The figure is lower than previous month's 56.4, which remained in expansionary territory but pointed to a downward trend.
Wang Zhe, a senior economist at Caixin Insight Group, said the manufacturing PMI returned to expansionary territory as both supply and demand improved in May.
Current expansionary policies mainly prioritize government-led projects and investments, most of which are implemented by State-owned enterprises.
With expansionary policies kicking in, recovery will trickle down to market entities in a well-paced fashion.
The gauges for business activity and total new business both continued to pick up in March, staying within expansionary territory and reaching their highest level since November 2020.
Experts said China's consumption-driven economic recovery is expected to keep the PMI readings mostly in the expansionary territory in the coming months, with nonmanufacturing activity likely to continue outperforming the manufacturing sector.
"Zhu Haibin, JPMorgan's chief China economist, said the nation's budget deficit-to-GDP ratio may be raised to about 3 percent as an expansionary fiscal policy is maintained this year, although the overall strength of fiscal support may edge down from last year.
Easing of travel restrictions also boosted services exports, with the subindex for new export orders climbing into expansionary territory, the report said.
报告指出，旅行限制的放宽也促进了服务出口，其中新出口订单子指数已攀升至扩张区间。
Lifted travel restrictions also boosted services exports, with the sub-index for new export orders climbing into expansionary territory, the report said.
Total new orders bounced back to expansionary territory with its sub-index rising to 50.9 in January, the highest level seen since June 2021.
Total new orders bounced back to expansionary territory with the sub-index rising to 50.9 in January, the highest level seen since July 202l.
Implementing expansionary macroeconomic policy effectively is key for its 2023 growth," said Yu Yongding, a former central bank adviser and a member of the Chinese Academy of Social Sciences.
Second are the global expansionary policies.
At the same time, due to China's expansionary fiscal and monetary policies, China's economy is experiencing a slow stabilization.
China's factory activity returned to expansionary territory in September as production and new orders increased, reflecting that the nation's economic recovery is gaining momentum amid a better COVID-19 situation domestically and intensified macroeconomic policy support, officials and experts said.
"As measures of stabilizing the economy continued to take effect in September and the negative effects of heat waves waned, manufacturing PMI has bounced back to expansionary territory," said Zhao Qinghe, a senior statistician with the NBS.
Caixin's composite PMI, which includes both manufacturing and services activity, dropped to 53 in August from 54 in the previous month, remaining in the expansionary territory.
However, the two indicators climbed to 49.6 and 47.8 in May and clawed back to expansionary territory one month later with readings of 50.2 and 54.7.
The PMI for sectors including the processing of agricultural food and special equipment for manufacturing and automobile manufacturing was above 52 in July, sustaining their expansionary reading for two consecutive months, the NBS said.
For instance, the purchasing managers' index for China's manufacturing sector, which measures the country's factory activity, came in at 50.2 in June, returning to expansionary territory.
例如，中国制造业采购经理指数（该指数用于衡量中国的工厂活动水平）在6月份达到50.2，重新回到了扩张区间。
The official purchasing managers index for China's manufacturing sector in June came in at 50.2, compared with 49.6 in May, the National Bureau of Statistics reported, signifying a return to expansionary territory for the first time since February.
The official purchasing managers index for China's manufacturing sector in June came in at 50.2, compared with 49.6 in May, said the National Bureau of Statistics, signifying a return to expansionary territory for the first time since February.
The gauge for new orders also moved back to expansionary territory, rising to 50.4 from 48.2 in May.
Lu Ting, Nomura's chief China economist, said his team expects the official manufacturing PMI to rebound to 50.3 in June, returning to expansionary territory for the first time since February.
After the outbreak of the COVID-19 pandemic in late 2019, many countries adopted expansionary monetary and fiscal policies.
Japan also adopted an extremely expansionary monetary policy.
Even in April, when the US and other countries began to raise their interest rates, the Bank of Japan still stuck to an expansionary monetary policy.
To achieve an expansionary effect, the BOJ continues to buy government bonds in order to suppress the interest rates of Japanese government bonds, thus injecting more liquidity into the market.
In short, the expansionary monetary policies of the world's major developed countries are an important reason for the current global inflation.
The Chinese government also adopted expansionary monetary and fiscal policies in 2020.
However, high-tech manufacturing and consumer goods manufacturing remained relatively stable, as the PMI for high-end manufacturing stood at 50.1, a slight decline of 0.3 percentage points from March and staying in expansionary territory.
The overall purchasing managers' index has stayed in expansionary territory for months and the manufacturing PMI has been showing rebound signs for two consecutive months since December.
Commodity prices turned runaway last year as major developed countries unveiled liberal liquidity injections and expansionary fiscal policies for economic reopening after the 2020 pandemic impact.
The purchasing managers' index for China's manufacturing sector stood at 49.5 in March, compared with 50.2 in February, data from the National Bureau of Statistics showed, slipping into contraction after staying in expansionary territory for four consecutive months.
The purchasing managers index for China's manufacturing sector stood at 49.5 in March, compared with 50.2 in February, data from the National Bureau of Statistics showed, slipping into contraction after staying in expansionary territory for four consecutive months.
Despite the downward pressures, Luo Zhiheng, chief economist at Yuekai Securities, highlighted that the high-tech manufacturing PMI had stayed in expansionary territory, saying this indicates the steady progress of economic structural transformation and high-quality development.
Yu Yongding, a senior economist at the Chinese Academy of Social Sciences, said China should stick with a fairly expansionary monetary policy to ensure the stabilization of growth, in spite of overseas central banks' interest rate hikes and potentially higher inflationary pressure.
The official purchasing managers index for China's manufacturing sector was at 49.5, compared with 50.2 in February, data from the NBS showed, slipping into contraction after staying in the expansionary territory for four consecutive months.
China should implement expansionary policies as soon as possible to sustain signs of recovery, as its decent economic performance in the first two months of this year was not easily achieved and the country may face fairly huge risks and challenges going forward.
As the current positive manner of economic performance is hard-won and potential risks still exist, China should launch expansionary policies as soon as possible to protect incipient recovery.
Govt urged to adopt more expansionary fiscal and monetary policies this yearChina is fully capable of achieving its GDP growth target of around 5.5 percent, as the country has ample space in macroeconomic policies to buffer short-term pressures, political advisers and experts said on Wednesday.
Yu Yongding, a senior economist at the Chinese Academy of Social Sciences, said the government should adopt fiscal and monetary policies more expansionary than last year to achieve this year's growth target.
China should make its fiscal policy more expansionary in 2022, while its monetary policy should also be more progressive this year.
Boosted by brisk holiday spending, the sub-index for business activities in retailing increased by 5.5 percentage points and returned to the expansionary territory.
If inflation is under control and the financial system is stronger than expected, expansionary fiscal and monetary policies can be adopted to stimulate economic growth.
China started to discuss normalization of policies as early as 2010 by exiting expansionary fiscal and monetary policies prematurely.
Expansionary fiscal and monetary policies would have made little difference to consumption and investment.
But as the contagion is contained, the problem of insufficient demand has emerged again, which calls for expansionary fiscal and monetary policies.
Given the lack of an endogenous growth engine, expansionary fiscal and monetary policies should be adopted to support infrastructure investment.
Their sub-indexes for business activities returned to expansionary territory, according to the NBS.
If the Fed expands its balance sheet, the overall impact will not be very negative for the rest of the world, because the implementation of the Fed's expansionary policy will increase the outflow of capital to other countries, which in turn will lead to lower interest rates, currency appreciation and firmed-up asset prices.
The PMI has returned into the expansionary territory after two consecutive months of contraction, thanks to stronger production levels, stabilized supply of energy and raw materials, and improving market demand.
Policy shifts toward more easing stance seen as key to offset downward pressureChina is preparing new measures to counter economic headwinds and realign its GDP with stated growth targets this year and next, such as expansionary fiscal moves and accommodative monetary support alongside efforts to secure the job market, according to experts.
The pressure of surging prices eased in August as the subindexes of raw material prices and factory-gate prices both declined, but remained in expansionary territory at 61.3 and 53.4, respectively.
In other words, the adoption of expansionary fiscal policy needs to be matched by necessary reform measures.
If institutional issues and income distribution cannot be solved, expansionary fiscal and monetary policies will find it difficult to become successful, or may even have a negative effect.
We believe that implementing expansionary macroeconomic policies and promoting higher economic growth will create favorable conditions and buy more time to solve long-term institutional problems.
Although it is necessary for China to eventually exit from expansionary monetary and fiscal policies, it is inadvisable for the country to fully cease such unconventional policies at present, as the world's second-largest economy still faces potential gray rhino shocks.
However, we should think carefully about whether or not the country should completely exit from expansionary monetary and fiscal policies.
First, thanks to improved macroeconomic data, the US Federal Reserve may adjust expansionary monetary and fiscal policies, which will lead to huge changes in the world's liquidity and financial environment.
The pressure of surging prices has eased in June as the sub-indexes of raw material prices and factory-gate prices both substantially declined, but still remained well in expansionary territory at 61.2 and 51.4, respectively.
Its expansionary fiscal policy pushed up inflation.
It shows that not all countries are carrying out an expansionary fiscal policy.
During the COVID-19 outbreak, the US adopted an expansionary monetary policy and exploited the advantage of the US dollar's dominance to issue Treasury securities, thus raising money to provide economic impact payments for eligible individuals, with the aim of boosting the US economy.
Also, changes in inflation expectations and rising commodity prices brought about by the expansionary policies of developed countries also pose challenges.
"The (PMI) reading stayed in expansionary territory for 13 straight months, indicating solid growth in the sector," said Wang Zhe, a senior economist at Caixin Insight Group.
The official purchasing managers index for the manufacturing sector, a leading economic indicator, stayed at a "relatively high level" of 51.1 last month and signaled the robust expansionary momentum of the economy, Sheng said in an interview with Economic Daily, published on Friday.
As consumption is still not enough to become the main driver of economic growth, infrastructure investment should continue to increase, and it is inappropriate for China to exit from expansionary fiscal policy prematurely.
The government does not want to use a strong expansionary fiscal policy.
The reasons might be these:First, the government is concerned that expansionary fiscal and monetary policies will amplify vulnerabilities in the financial environment.
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