China’s leaders and economic policymakers – who have been optimistic and confident about the economy for years – are clearly spooked.
Just two weeks ago, Chinese state media was happily insisting that the country was experiencing ‘stable economic growth’.
China requires a major rethink when it comes to the economy, something which may be politically impossible for a Leninist government
Yet in the last week, Beijing has announced and is expected to approve over £319 billion in new fiscal measures – the biggest monetary policy stimulus since the pandemic.
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