Cornell professor urges China to revive economy with decisive action
China's economy is sputtering and requires decisive policy action to prevent further decline, according to Eswar Prasad, an economics professor at Cornell University. Recent data shows slower growth than expected, with factory activity contracting for a fourth consecutive month and non-manufacturing activity at its weakest this year. Concerns about deflation and social stability are rising, as employment growth and investment are expected to be negatively impacted. Prasad emphasizes the need for a comprehensive policy package to reverse the loss of momentum and stimulate future growth prospects.