China's economy is likely to face great downward pressure next year, and policymakers need to roll out some monetary stimulus measures, the Chinese Academy of Social Sciences said in a blue book published Tuesday.
In order to keep an annual economic growth rate of 7 percent for 2015, M2, a broad measure of money supply that covers cash in circulation and all deposits, is expected to increase 14 percent year-on-year, and new yuan-denominated loans are estimated to total 11 trillion yuan ($1.77 trillion) for the whole year, according to the book.
China's M2 rose by 12.3 percent by the end of November. The country's new yuan-denominated lending reached 9.08 trillion yuan in the first 11 months of this year, according to data from the central bank.
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