China has "larger room to take bolder action" in macroeconomic adjustments to bolster the economy, with more subsidies to consumers still possible in 2025, said Wang Tao, head of Asia economics and chief China economist at UBS Investment Bank.

Wang's team has predicted that the Chinese government will expand fiscal support with the augmented fiscal deficit widening by 2 percent of GDP in 2025 — equivalent to more than 2 trillion yuan ($276 billion).

In an exclusive interview with China Perspective, Wang said there is "definitely" room for China to launch a much bigger spending package than that.

"Given the downward pressures, the healthy balance sheet of the central government and the fact that the Chinese government has assets, they still have a larger room to take bolder action to come out with bigger stimulus."

Wang said that people are looking for income and consumption subsidies to households and measures to support employment. "We think it's possible that more of these measures could be announced in 2025, maybe the National People's Congress meeting in March."