China Has ‘Very Big’ Policy Room to Spur Growth, Central Bank Adviser Says 

A man walks past office buildings at the central business district in Beijing on March 17, 2025. (AFP) 
A man walks past office buildings at the central business district in Beijing on March 17, 2025. (AFP) 
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China Has ‘Very Big’ Policy Room to Spur Growth, Central Bank Adviser Says 

A man walks past office buildings at the central business district in Beijing on March 17, 2025. (AFP) 
A man walks past office buildings at the central business district in Beijing on March 17, 2025. (AFP) 

China wields significant policy room to stimulate its economy this year while some reform was needed to boost consumption, Huang Yiping, an advisor to China's central bank and a professor at Peking University, said on Wednesday.

China has unveiled fresh fiscal measures, including a rise in its annual budget deficit, to help hit an economic growth target of around 5% this year, which analysts have described as ambitious. The central bank has pledged to cut interest rates and pump more money into the economy at an appropriate time.

"There is still very big space in terms of macro policies," Huang told Reuters on the sidelines of the annual Boao forum.

Macro policies will help tackle cyclical problems, while some structural challenges could be resolved in the future, he said.

Some reform measures, including those to increase people's incomes and confidence, are needed to boost consumption, on top of recent moves unveiled by the government, Huang said.

Peng Sen, chairman of the China Society of Economic Reform, told the Boao Forum on Tuesday that China should take steps to boost consumption as a share of gross domestic product to 70% by 2035 from around 55% currently, narrowing the gap with developed nations.

Wider structural reforms include changes in institutional frameworks, income distribution, and fiscal and taxation systems will be needed to help boost spending, Peng said.

The Boao Forum, an international summit seen as Asia's version of the World Economic Forum in Davos, Switzerland, is being held in China's Hainan province from Tuesday through Friday.

Policymakers have put expanding domestic demand, especially consumption, as the top priority this year as they try to cushion the impact of the Trump administration's tariffs on its crucial export engine.

Huang also told the forum that globalization, which has benefited many Asian economies, could be reversed.

"Many of the most successful economies in the last half century or more, like East Asian economies - China and so on -all benefited from globalization, but there is certainly a risk that the US-led globalization may be reversed," Huang said.



Saudi Arabia Boosts Food Security

An agricultural farm in Saudi Arabia (SPA)
An agricultural farm in Saudi Arabia (SPA)
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Saudi Arabia Boosts Food Security

An agricultural farm in Saudi Arabia (SPA)
An agricultural farm in Saudi Arabia (SPA)

Saudi Arabia is accelerating efforts to strengthen food security, a strategic objective rooted in the Kingdom’s founding and shaped by its desert geography and limited water resources.

As part of its Vision 2030, the Kingdom has placed food security among its top priorities, implementing a national strategy to boost local production and promote long-term agricultural sustainability.

The agricultural sector’s contribution to GDP rose to SAR114 billion ($30.4 billion) in 2024, up from SAR109 billion ($29 billion) the previous year, according to the latest Vision 2030 annual report.

Government support, particularly through the Agricultural Development Fund, has fueled the sector’s growth. Agricultural loans increased by 54% between 2018 and 2024, reaching SAR5 billion ($1.33 billion).

Saudi Arabia has achieved higher self-sufficiency rates across several key products. Domestic production in 2024 included 2.95 million tons of fruit, 3.38 million tons of vegetables, 1.83 million tons of grains, 399,000 tons of eggs, 2.7 million tons of milk, 274,000 tons of red meat, 1.15 million tons of poultry, 217,000 tons of fish, and 8,500 tons of honey.

Aquaculture has seen significant growth, with fish production rising from 40,000 tons in 2016 to over 246,000 tons in 2024, driven by investments in sustainable technologies and marine projects. Saudi Arabia is positioning itself as an emerging regional hub for aquaculture.

The Kingdom’s progress reflects its long-term commitment to food security, supported by initiatives to enhance supply chains, stimulate private sector investment, and advance research and innovation in modern farming technologies. Authorities say the achievements so far signal Saudi Arabia’s ability to continue advancing toward self-sufficiency in a more resilient and sustainable agricultural environment.