October 21, 2024
China has announced a series of monetary and fiscal stimulus measures to address its weaker economy. So far, we feel the tangible measures they have announced have focused on monetary/credit conditions, which benefit financial assets but are unlikely to affect necessary household deleveraging. This said, the intention to do more, including fiscal measures, is clearly coming through. We believe additional stimulus that focuses on stabilizing China's property sector and sustainably improving social services has the highest likelihood of working beyond the short term. However, we are not talking about a return in the private sector’s appetite to borrow – more like a bottoming.
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