China plays a waiting game on the economy – and bets everything on the belt and road plan

China has been pump-priming its economy since January, in a reversal of recent deleveraging. The policy change is likely to stabilise the financial system and help financially troubled local governments, but won’t kick-start another growth cycle. Expect to see more of this sort of stabilising stimulus in the coming years. China is aiming to keep its economy on the treadmill – to keep it running on the same spot.According to the People’s Bank of China, aggregate financing surged to 8.18 trillion…

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