WASHINGTON (China Daily/ANN): One of the key lessons from China's experience so far during the Covid-19 outbreak is that it is important for macroeconomic policy to focus on mitigating the economic impact of the outbreak and supporting economic recovery, said an International Monetary Fund (IMF) official.
"In China, we are seeing a strong fiscal effort focused on helping vulnerable households and small firms most affected by the outbreak while monetary policy remains very accommodative," Helge Berger, the IMF's China mission chief and assistant director in the Asia and Pacific Department, told Xinhua in a recent email interview.
"Here policymakers should continue to look for ways to reach them - for example, by waiving taxes, fees, or utility bills and channeling credit through fintech firms," he said. Commenting on Covid-19's impact on the Chinese economy, the IMF's China mission chief said the immediate impact of the outbreak has been a sudden halt of economic activity in the first quarter, but"the good news" is that the Chinese economy is"on the way back to work."
"If demand falls short, both fiscal and monetary policy have room to react and should make use of it," he said.
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