Five things the market got wrong about China’s stimulus package

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Financial Times 14h ago

Five things the market got wrong about China’s stimulus package - Financial Times

Quick Summary:

For years, local governments had to squeeze their budgets, generating fiscal surpluses just to keep implicit debts at bay.

This shift gives local governments some badly needed breathing room after being told to eliminate implicit debt.

Looking forward, the planned expansion of the fiscal deficit in 2025 could create more space for consumer initiatives such as subsidies for buying appliances and car trade-ins.“There’s nothing in it for 2024” Some argue that this package’s focus is too long-term and lacks measures to boost growth in 2024.