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Reading tea leaves from China's two sessions: Large monetary and fiscal stimulus and still no growth guarantee

Posted On: May 25, 2020   |   Posted By: Bruegel

It was hard to think of a more important gathering than last week's ‘Two Sessions', during which Chinese political leaders were to guide all of us as to the way ahead for the Chinese economy. While this yearly event is always important, this year's was crucial. 2020 marks the end of two key cycles of economic planning: the current Five-Year Plan, and the end of the 10-year period during which the country aimed at doubling its income, which is the operational target to measure President's Xi Great Rejuvenation plan. Expectations were running all the higher that the Chinese economy is reeling from unprecedented levels of uncertainties due to coronavirus epidemic - including delaying the event itself - compounded by the fact that China had shown a rather hesitant approach to stimulus since January.
The new guidance that emerged from the ‘Two Sessions' marks a major departure from traditional economic management in China. The new guidance that emerged from the ‘Two Sessions' marks a major departure from...

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