AsianFin— China should roll out as much as 1.5 trillion yuan ($209 billion) in new stimulus to spur consumer demand and mitigate the economic drag from heightened U.S. tariffs, according to a policy paper co-authored by Huang Yiping, a member of the People’s Bank of China’s monetary policy committee.

The report, published Friday, warns that the Chinese economy has encountered “new disruptions” since April, when Washington ramped up tariffs on a range of Chinese goods. The authors also flagged persistent deflationary pressures as a growing concern.

“To address these evolving challenges, China must adopt a more forceful counter-cyclical approach to maintain stable growth, while advancing aggressively with structural reforms,” wrote Huang, alongside Guo Kai, a former PBOC official, and Alfred Schipke, director of the East Asian Institute at the National University of Singapore.

The recommendation adds to a chorus of calls urging Beijing to ramp up fiscal support as exports slow and domestic confidence remains weak. The proposed stimulus package would represent one of China’s boldest fiscal responses in recent years, aimed at propping up consumption while retaining currency policy flexibility in the face of rising external pressure.