Increased efforts required to stabilize economy: economists

China should make renewed efforts to keep the economy afloat as the nation faces growing downward pressure, according to leading economists.

At the annual Chinese Economists 50 Forum on Saturday, economists called for increased measures to realize key economic goals for 2019 set by the government.

These include stabilizing employment, the financial sector, trade, domestic investment and market confidence.

National Economic Research Institute director Fan Gang said China should step up efforts to implement supply-side reforms and stabilize the economy, as investment-driven growth remains insufficient.

Some short-term measures are needed to maintain stable development, and more efforts can be made on the demand side, including moves to maneuver money supply and interest rates. Such efforts should not, however, include massive stimulus plans or repeat the old trick used in 2009 to revive the economy, according to Fan.

State Administration of Foreign Exchange deputy director Lu Lei said China should pay more attention to the risk of private debt at a time when external pressure might exacerbate existing challenges, referring to the risks of narrowing the spread between Chinese and US interest rates and Sino-US trade friction.

To tackle challenges brought by local government debt, Li Yang, chairman of the National Finance and Development Institute with the Chinese Academy of Social Sciences, said China could learn from Japan's experience and establish financial institutions to provide cheap, long-term financing, particularly for local governments.

The Chinese economy last year registered a 6.6 percent growth in GDP.