Boosting consumption and disposable income should take priority over restoring the nation’s fiscal reputation.
Workers on the production line in Hebei Province, China. Credit: chinahbzyg, Shutterstock
On July 16, China announced that in the second quarter of this year, its economy grew 3.2 percent, a remarkably strong showing at a time when much of the global economy is in tatters because of the ongoing effects of a global pandemic. The figure suggested that China, once again, could lead the global economy during an economic and financial crisis.
But a closer reading of the data points to a much darker picture, for China and the rest of the world — including signs that structural problem
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