Heard on the Street: Beijing has significant scope to fight off this downturn—if it is willing to be realistic about what is needed
Every year China’s top leadership gets together and hashes out economic priorities for the coming 12 months at the Central Economic Work Conference. The communiqué, which wrapped up on Friday, was unusually explicit: the terms “stable,” “steady” or “stabilize” were mentioned roughly twice as many times as last year.
The communiqué instructed all local officials to shoulder responsibility for stabilizing the economy, to front-load policies when appropriate, and called for quickening fiscal expenditure in general. In addition to the seeming clarion call for growth, the communiqué also called for resolutely containing off-balance-sheet government debt and for financial discipline. These mixed messages come as local governments are already under significant fiscal pressure due to collapsing land sales—which comprise about 30% of their revenue, according to Goldman Sachs.
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