China should favour fiscal taps over policy easing to spur stocks: Goldman Sachs

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China should favour fiscal taps over policy easing to spur stocks: Goldman Sachs - SCMP

Quick Summary:

Government spending and demand-side measures have more impact on equity returns than monetary easing, US investment bank says.

The MSCI China Index of 581 onshore and offshore Chinese stocks surged to 76 from 58 in early October and edged back to about 63 on Monday.“Much of the market volatility in the past few months can be attributed to investor expectation changes regarding the timing, scale and specificity of the anticipated fiscal stimulus announcements in various policy meetings,” said the report, released on Monday.

These triggered a stock market rally, with the CSI 300 Index of the largest onshore stocks jumping 21 per cent in September – the biggest monthly gain in almost a decade.