Chinese policymakers must address a flawed financing structure.

China’s energy crisis and the Evergrande debacle do not pose systemic risks. But the persistent slowdown in economic growth does.

To consolidate its post-pandemic growth momentum in 2021, China should not be in a rush to exit from expansionary fiscal and monetary policy.

Despite growth, China’s economy still faces serious challenges, which can only be addressed with a more expansionary fiscal policy.