Insights | Regional expert: boost policy efficiency to tackle structural economic challenges

(ECNS)-- Policymakers need to understand key differences between ASEAN+3 economies very closely and then try to come up with the priorities, said Seung Hyun (Luke) Hong, group head and lead economist of Fiscal Surveillance Group, ASEAN+3 Macroeconomic Research Office(AMRO), with China News Network.

Against prominent structural economic challenges across the region, Hong put forward a series of targeted governance suggestions. He stressed that structural economic woes cannot be solved by fiscal tools alone. It requires coordinated efforts integrating labor market, financial and education policies. In addition, economies should improve institutional mechanisms, identify developmental shortcomings and optimize resource allocation, so as to boost policy efficiency amid limited resources and promote steady and high-quality regional economic growth. (Wu Xinru)