China’s Trial-and-Error Economy

Chinese Prime Minister Li Keqiang’s work plan for 2015, revealed at this month’s National People’s Congress, highlighted the country’s shift to a “new normal” of 7% economic growth.

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Chinese Prime Minister Li Keqiang’s work plan for 2015, revealed at this month’s National People’s Congress, highlighted the country’s shift to a “new normal” of 7% economic growth. The shift to slower growth poses serious challenges, but it also creates an important opportunity for China to ensure its long-term economic development. China’s leaders recognize this opportunity, and are taking action to support the shift to more sustainable growth models. The finance ministry has raised the central-government budget deficit from 1.8% of GDP in 2014 to as much as 2.7% in 2015, and will allow highly leveraged local governments to swap CN¥1 … (full story)

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