Commentary
Beijing has launched yet another economic stimulus program. After a rather large stimulus package in May and a June declaration that no more was needed, Beijing in late August launched a 19-point stimulus effort. Whatever Beijing’s judgment in June, China’s economy cried out for more help.
The lingering and still-powerful effects of real estate failures, COVID-19 lockdowns, drought, a heat wave, and power shortages have clearly embarrassed last July’s brave pose that all was in hand. Beijing, remarkably, admits the severity of the situation, albeit obliquely. It has publicly downplayed the importance of this year’s 5.5 percent real growth target….