Despite growth, China’s economy still faces serious challenges, which can only be addressed with a more expansionary fiscal policy.
Yu argues that retail sales of social consumer goods indicate a not especially positive picture for China’s economy. Credit: Matthias Ripp, Creative Commons
BEIJING – China’s economy seems largely to have bounced back from the COVID-19 shock. It registered 4.9 percent annual growth in the third quarter of 2020, and the rate may well exceed 5 percent growth in the fourth quarter. The result would be at least 2 percent annual full-year growth — not bad at a time when much of the world is facing a pandemic-induced recession. But that doesn’t mean smooth sailing ahead.
Consumption growth is a key consideration in determining China’s likely
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