"In recent weeks, Beijing has announced a flood of stimulus measures-or intentions for such measures-as the alarms grow louder on China's economy."
"The central bank has cut various lending rates, lowered cash reserve requirements at banks, and offered more liquidity for the stock market."
"Rather than unleash massive fiscal transfers like the U.S. did during the pandemic in the form of stimulus checks, China has instead relied on a decades-old strategy of favoring industrial production over all else."
"Without more help on the demand side, China's rate cuts could actually make the economy even worse by exacerbating the deflation problem."
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