“This stimulus will be of a far lesser magnitude than previously. It will be about half the size,” says Rory Green of TS Lombard. The regime’s leadership, the politburo, has signalled that enough firepower may already have been spent on boosting the economy. Green places great weight on the Chinese leaders’ use of the term “structural”. This suggests they believe they have done enough to stabilise the slowdown in growth and that preventing more leveraging – the build-up of debt – is now more important than higher rates of expansion.
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