{"id":2062,"date":"2024-09-30T22:19:10","date_gmt":"2024-09-30T14:19:10","guid":{"rendered":"https:\/\/www.kafeizha.com\/?p=2062"},"modified":"2024-09-30T22:19:10","modified_gmt":"2024-09-30T14:19:10","slug":"%e4%b8%ad%e5%9b%bd%e6%9c%80%e6%96%b0%e7%bb%8f%e6%b5%8e%e5%86%b3%e7%ad%96%e8%a1%8c%e5%8a%a8%e5%bc%95%e5%8f%91%e5%85%b3%e6%b3%a8%ef%bc%8c%e5%85%b3%e9%94%ae%e9%a2%86%e5%9f%9f%e5%be%85%e8%a7%a3","status":"publish","type":"post","link":"https:\/\/news.tomjun.com\/?p=2062","title":{"rendered":"\u4e2d\u56fd\u6700\u65b0\u7ecf\u6d4e\u51b3\u7b56\u884c\u52a8\u5f15\u53d1\u5173\u6ce8\uff0c\u5173\u952e\u9886\u57df\u5f85\u89e3"},"content":{"rendered":"

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\n

\u65b0\u95fb\u6765\u6e90\uff1a<\/b>www.bloomberg.com
\u539f\u6587\u5730\u5740\uff1a<\/b>World Economy Latest: China\u2019s Shock-and-Awe Plan Left a Piece Missing<\/a>
\u65b0\u95fb\u65e5\u671f\uff1a<\/b>2024-09-25
\u539f\u6587\u6458\u8981\uff1a<\/b><\/font><\/p>\n

  I\u2019m , an economics editor in Boston. Today we\u2019re looking at China\u2019s latest economic stimulus package. Send us feedback and tips to  or get in touch on X via . And if you aren\u2019t yet signed up to receive this newsletter, you can do so .It probably says more about China\u2019s lack of policy stimulus to date that the package of monetary measures announced Tuesday amounted to the strongest set of steps seen in years.At a rare, high-level press conference, the government\u2019s financial officials  a host of actions including:In a follow-up move on Wednesday, the central bank cut the rate charged on its one-year policy loans by .After months of underwhelming economists, the effort \u2014 overseen by People\u2019s Bank of China Governor  \u2014 largely exceeded their expectations this time around.  in rare relief for the nation\u2019s beaten down equities. The production \u201cspeaks to the urgency felt in Beijing to head off  and get growth on track for the 5% target\u201d for 2024,  and  of Bloomberg Economics wrote. The team\u2019s SHOK model indicates a boost of as much as about 1% of GDP over the coming year.But at the end of the day it\u2019s a \u201cgrowth boost,\u201d not an \u201ceconomy fix,\u201d Shu and Zhu wrote.For Wang Tao, UBS\u2019s chief China economist, the package wasn\u2019t even enough to  on growth. She kept her forecast for gross domestic product this year at 4.6% and next year\u2019s at 4%.The missing element, many economists said, was a fiscal stimulus to pump-prime spending and finally address a  that\u2019s hammered consumer confidence.\u201cThe real bottleneck faced by the economy is a lack of effective demand rather than loanable funds available,\u201d Nomura economists led by Ting Lu wrote \u2014 in an observation made by multiple observers Tuesday.What could a fiscal fix, , look like? A recapitalization of some sort for China\u2019s developers could help them complete buildings and move them off their balance sheets. Stepped up pension or healthcare provisions could reassure hard-pressed households and reduce incentives for saving. Large-scale assistance from Beijing for local governments would alleviate their .Gabriel Wildau, a China specialist at advisory firm Teneo, is among those anticipating announcements on the fiscal front, \u201cin the coming weeks, if not sooner.\u201dPresident Xi Jinping is set to convene the Communist Party\u2019s 24-member Politburo ahead of a weeklong annual holiday starting Tuesday, offering one potential date. The risk is that without fiscal measures to match, Tuesday\u2019s shock-and-awe on the monetary front could .US households\u2019 net worth  last quarter, propelled in part by swelling property values. But that may not translate into a stimulus for consumer spending, Stephen Stanley cautions.Homeowners are in fact so well positioned that their equity as a share of values has hit the highest since 1958, Stanley, chief US economist at Santander US Capital Markets, wrote in a note Tuesday. Trouble is, they cannot easily cash out the equity as they once could. That\u2019s because many would lose the rock-bottom mortgage rates they locked in years ago.The so-called wealth effect \u201chas likely been far more limited than it might have been under a different interest rate profile,\u201d Stanley wrote. That leaves spending reliant on job and real income growth, which he characterizes as \u201c\u201d this year. In short, consumption is set to moderate in coming months, he said.  Enjoy Economics Daily?  Plus, here are some newsletters we think you might like<\/pre>\n
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