Hint: Crony capitalism plays a vital part. But policy makers in China appear to be doubling down on past mistakes.
(From The South China Morning Post)
the State Council, China’s cabinet chaired by Li, has already shifted some of the 2020 local government bond issuance quota to this year to boost financing for infrastructure projects, while the People’s Bank of China cut the amount of money that banks are required to hold in reserve at the central bank to expand banks’ lending capacity.
“Unlike the previous massive [money] injection, Beijing prefers loosening in small steps and is highlighting support for the real economy, manufacturers in particular,” said Hao at Commerzbank, referring to the huge levels of stimulus pumped into China’s economy after the global financial crisis of 2008.
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Author: Nick Sorrentino
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