Beijing: China's former finance minister Lou Jiwei has warned that the country's fiscal situation is 'extremely severe with risks and challenges'.
He cited fallout from aggressive US stimulus policies, the global economic slowdown during the pandemic, an ageing Chinese population and mounting domestic local government debt while stating his comment.
Lou offered his sharp critique in December but the assessment has only been made public more recently, with just days to go now before China’s political elites meet for their annual legislative session to decide the details of economic policy, reports The South China Morning Post.
Interestingly, the relationship between China and the US has deteriorated in recent times over numerous issues including COVID-19.
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