As more signs of stress in the world’s second-largest economy emerged during the latter half of last year, factory orders and consumption indicators slumped and its housing bubble on the verge of bursting, China is expected to report later this month that its GDP expanded by 6.6% in 2018 – the weakest rate since 1990.
This is hugely problematic for the PBOC, which abandoned plans for a macroprudential deleveraging to slash taxes and boost bank lending last year to try and stabilize its economy. But in keeping with China’s legacy of economic goalseeking, in addition to redoubling its stimulus efforts in 2019, Beijing is
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