Moreover, unlike major developed economies, most of which have used up all of their conventional monetary-policy ammunition by reducing their policy interest rates to zero, China has plenty of monetary stimulus on reserve to address cyclical disruptions. In these circumstances, it makes sense for China to lean more on monetary policy than on fiscal expansion.
此外，主要发达经济体已将政策利率下降至零水平，用尽了常规货币政策，而中国有足够的货币刺激储备解决周期性干扰。在这样的情况下，有理由认为中国会更倾向于货币政策而不是财政政策。