The #COVID19 resurgence has curbed China's economic recovery. According to Zhang Bin and Zhu He, except for the containment measures and deteriorated market expectations, a major factor repressing China's recovery remains insufficient #demands, both domestic and external.
The external environment and changes in the balance sheets of various domestic sectors indicate that consumer #spending may slowly pick up, but #exports will continue to be strained;
business #investments are expected to stay sluggish, while infrastructure investments and real estate investments are beginning to improve. However, whether the improvements will be sustainable still depends on future policies.
For the #economy to resume normality, #China needs to continue the eased economic policies, with a focus on maintaining a relatively low and stable interbank rate so as to pare down #financing costs in general;
it's also suggested to explore new drivers for growth by building pilot reform zones, a practice that embodies the wisdom and experiences China has accumulated in its reform & opening-up drive.
mp.weixin.qq.com/s/fvvP3lUl71b-…
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