China Still Needs Expansionary Economic Policy

Yu Yongding argues that the “government’s cautious attitude toward expansionary macroeconomic policy reflects its vigilance regarding inflation and financial risks” but that it should focus on growth. In order to do that, the government will need to invest a lot more in infrastructure than it plans to now.
*Credit: ILO Asia-Pacific, Creative Commons*

BEIJING – The Chinese economy grew by 6.5 percent in the fourth quarter of 2020, providing a strong indication that it has recovered from the COVID-19 shock. The market consensus is that, due to base effects, GDP growth shot up to more than 18 percent year on year in the first quarter of 2021, and will fall steadily in the remaining three quarters of the year before finally stabilizing. Addressing this year’s meeting of the National People’s Congress last m

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