China’s top leaders have signaled stronger stimulus to help fill a hole in consumer demand. That doesn’t mean Beijing will roll out a “bazooka” package just yet, or abandon its factory focus.
Greg Newman, senior wealth advisor and portfolio manager of Newman Group at ScotiaMcLeod, gives an insight about gold prices increase as China restarts its purchasing activities.
Alarmingly low bond rates indicate the gauntlet facing policymakers in reviving the confidence that’s foundational for spending. While officials vowed to sharply raise funding for a program subsidizing big-ticket consumer items Monday, so far that push has had limited effect as consumers keep saving under a gloomy job market.
Beijing’s next stimulus moves could come as soon as this week. The Federal Reserve is expected to cut rates Wednesday, creating easing room for China’s central bank.Beijing will only reveal its specific economic roadmap for 2025 at an annual legislative meeting in March, which sets the annual growth goal and fiscal deficit. That means any expansion in government spending likely won’t come in the next few months.
Similarly, although forecasts of 40 to 60 basis points of interest rates cuts next year mark a big step for the People’s Bank of China, they’re dwarfed by the Fed’s 150-basis-point rate cut in response to Covid — or its decision to push rates to near zero from 4.5% in the span of a year in 2008 to deal with the Global Financial Crisis.
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