The ball is now in Finance Ministry's court, Chinese economists say — Zichen Wang

Apparently many influential Chinese economists are old-style Keynesians. There is no indication that they understand the basic principle of MMT —  a sovereign currency issuer that doesn't create financial obligation in currency it does not issue has a monopoly on its currency. 

This is especially important considering that China faces deflation rather than inflation.

It's up to the Finance Ministry now. 

Wikipedia:

The Ministry of Finance of the People's Republic of China (Chinese: 中华人民共和国财政部; pinyin: Zhōnghuá Rénmín Gònghéguó Cáizhèngbù) is the constituent department of the State Council of the People's Republic of China which administers macroeconomic policies and the annual budget. It also handles fiscal policy, economic regulations and government expenditure for the state.

The ministry also records and publishes annual macroeconomic data on China's economy. This includes information such as previous economic growth rates in China, central government debt and borrowing and many other indicators regarding the economy of mainland China.

The Ministry of Finance's remit is smaller than its counterparts in many other states. Macroeconomic management is primarily handled by the National Development and Reform Commission (NDRC). State-owned industries are the responsibility of the State-owned Assets Supervision and Administration Commission, and there are separate regulators for banking, insurance and securities. It also does not handle regulation of the money markets or interest rates. These, together with other aspects of monetary policy, are governed by the People's Bank of China (PBC), mainland China's central bank. The Ministry, NDRC and PBC are equal in status, with their political heads all sitting on the State Council.

Pekingnology - CCG
The ball is now in Finance Ministry's court, Chinese economists say
Zichen Wang | Research Fellow & Director for Int'l Comms at Center for China and Globalization (CCG), after 11 years at Xinhua News Agency. Founder & Editor: Pekingnology & The East is Read. Salzburg Global Fellow (2024-)

See also

Strategic Culture Foundation (sanctioned by the US Treasury Department)

Watching the China river flow

Pepe Escobar