Hong Kong; US-China; India-China border tensions; Hangzhou official confirms drinking baijiu is unhealthy
As expected, Li Keqiang did not announce a GDP target for 2020. That move, long called for by those pushing for more economic reforms, may be good for those desired reforms, but we will not know if this is a permanent shift until next year’s NPC, or rather just a one-time move forced on the policymakers by the pandemic that has so pressured China’s economy.
I read Li’s comments about fiscal and monetary policy as effectively signaling, unsurprisingly, that China will increase fiscal and monetary stimulus as much as needed to keep things on track this year, but in a much more measured way than they did during the kleptocrat’s dream of the 2008-09 stimulus.
Things are tough, as Xi Jinping noted in a very grim assessment of the external environment in a meeting with CCPCC economic advisors:
We must also face the unfavorable situation of a deep recession in the world economy, a sharp c…