March 4, 2024
04:01
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China leaders set to hold two economic stimulus sessions
China is in focus today - as its leaders are set to hold an annual 'two sessions' meeting about a bazooka-like, as they call it, or very big economic stimulus and whether it would be appropriate or not. According to analysts, the stimulus wouldn't be as large as the country saw in 2008 - $586 billion plan - but still very significant. The country's gross domestic product grew by 5.2% in 2023, but the overall recovery from the Covid-19 pandemic was slower than many had expected. A serious slump in its massive real estate market and falling global demand for Chinese exports have contributed to low levels of consumer and business sentiment, but also a downturn in its domestic demand which since the pandemic has remained subdued. In 2008, during the financial crisis, China unleashed a massive stimulus package to sustain growth with greater demand, making the economy rebound, but drawing significant criticisms as it resulted in a surge in local government debt.
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