News Analysis
Beijing is beginning to look desperate. Months ago, it reduced its real growth target of 2022 to only 5.5 percent. Severe restrictions to deal with COVID-19 make even that reduced number look unattainable.
Beijing also needs to overcome the natural tendency for any economy to see slower growth as it achieves higher levels of development. China’s leadership understandably worries over the growth in unemployment, to over 6 percent of the workforce recently and almost 20 percent of the youth population. Now policymakers seem to have pulled out just about all the stops to get things going, and it is not apparent that will be enough….