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CRU: China Stimulus 2018-19 - Less Positive for Commodities Demand than the Past
Most of CRU's clients who responded to our annual economic survey, said that a large stimulus package from China would be the most likely source of upside to global growth. This strategy was highly successful in propping up growth in China and the world more broadly following the Global Financial Crisis (GFC).
This Spotlight Feature sets out our assessment of the latest stimulus package. Relative to past episodes, we judge it is:
This modest stimulus is warranted given that the recent growth slowdown has been small. It is consistent with the authorities' ambition for long-term growth that is sustainable from an environmental and financial stability perspective.
As the US-China trade war unfolded in 2018, China announced a range of easing policies (for a comprehensive list see Annex II). Additional stimulus measures were announced at the NPC in March 2019 and are detailed in our recent Economic Insight. Two elements of the newly announced stimulus are worth noting:
https://www.crugroup.com/knowledge-and-insights/spotlights/2019/china-stimulus-2018-19-less-positive-for-commodities-demand-than-the-past/
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