After weighting drivers of consumption, the senior fellow at Chinese Academy of Social Sciences argues no other policy can deliver such rapid short-term gains -- only counter-cyclical measures can.
No surprises here. Most of this long-winded discussion seems non-controversial (though detailed proposals or changes are lacking). I’m confident the government is working on many of these ideas and others. I’m not sure why this article was features for translation.
Thank you for the comment. As I wrote in this piece, there are simply too many proposals for boosting consumption. What I find valuable in this speech is: (1) policies don’t all carry the same weight; even if the government rolls out ten thousand measures, it needs to know which to implement first; (2) in Zhang Bin’s view, China’s current economic challenge is cyclical rather than structural, a point he supports with a simple calculation. This seems to diverge from many of the narratives I’ve seen.
No surprises here. Most of this long-winded discussion seems non-controversial (though detailed proposals or changes are lacking). I’m confident the government is working on many of these ideas and others. I’m not sure why this article was features for translation.
Thank you for the comment. As I wrote in this piece, there are simply too many proposals for boosting consumption. What I find valuable in this speech is: (1) policies don’t all carry the same weight; even if the government rolls out ten thousand measures, it needs to know which to implement first; (2) in Zhang Bin’s view, China’s current economic challenge is cyclical rather than structural, a point he supports with a simple calculation. This seems to diverge from many of the narratives I’ve seen.