What a censored speech says about China’s economy
Hindustan TimesAt this time of year, many policymakers want to know how fast their economies will grow in the year ahead. In recent days party leaders have promised “extraordinary” efforts to fight China’s slowdown, including a “moderately loose” monetary policy and a “more proactive” fiscal policy. Cut three percentage points from China’s growth—reducing it from about 5% to about 2% for this year, for example—and its relationship with inflation becomes “completely normal”, Mr Gao said. Mr Gao highlighted a similar mismatch between China’s growth and its retail sales, which used to expand faster than GDP, but have underperformed it more recently. Thus soft prices may reflect the same subdued view of the future that Mr Gao sees at work elsewhere in China’s economy.
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