Many economists in China have come to the conclusion that it is simply too soon for an all-out push to revive growth
Editor’s note: On April 17th China announced that GDP fell by 6.8% in the first quarter of 2019, compared with the same period last year, and that retail sales fell by 16% in March, again compared with the year beforeis a glistening monument to commerce, a nine-storey mall with endless stores and restaurants, virtual-reality arcades and spas, even a zoo. But it is now trying something more basic, setting up food stalls outside to drum up business.
Start with the obvious contrasts between China’s actions and those of other governments. Japan’s fiscal stimulus, for instance, is around 10% of itsand rises to twice that when loans and loan guarantees are included. China, meanwhile, has made no special announcement, instead rolling out a hodgepodge of policies that, added up, reach perhaps 3% of itsMany governments are using new tools to help struggling businesses. Corporate bail-outs have been a core element.
But make no mistake. This is still a major departure from China’s customary largesse. A typical stimulus policy—variations of which were seen in 2009, 2012 and 2016—would involve some combination of a surge in infrastructure spending, incentives to spur consumption, and loosened restrictions on the property market. All have been conspicuously absent so far.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Why One Expert Is Still Making COVID-19 Models, Despite The Uncertainty'Either we can use models, trying to stay cautious about how much they’re really telling us, or we can rely on conjecture, gut reactions and expert opinion alone. Only the first path is a transparent one with a built-in mechanism for self-correction.'
Read more »
Why Britain has so many covid-19 deathsThe British government gave up quickly on the sort of test-and-isolate strategy common in countries that have kept deaths down
Read more »
Why Did The World Shut Down For COVID-19 But Not Ebola, SARS Or Swine Flu?If the name didn’t give it away, SARS was caused by a virus similar to the one that causes COVID-19, SARS-CoV-2, but it didn’t have nearly the same impact. Via FiveThirtyEight.
Read more »
Invisible And Underserved: Why Being Minority During COVID-19 Hits HardEach day is a new fight for fair treatment for minorities in America and in the midst of COVID-19, the fight has reached a full-out battle.
Read more »
A Virologist Explains Why It Is Unlikely COVID-19 Escaped From A LabAn early cluster of cases, linked to an animal market in Wuhan, initially suggested that humans had been infected by animals.
Read more »
Two Legal Experts Explain Why The U.S. Should Not Pull Funding From The WHO Amid COVID-19 PandemicRather than placing blame on other countries or the WHO, we need to finally recognize that this novel coronavirus is the common enemy, and unite as a global force to overcome it.
Read more »