It takes some reading between the lines in today’s statement on policy priorities for 2012 to find evidence that the policy setting has changed. Nonetheless, the shift is real.

November’s drop in inflation was even sharper than expected and the data on investment and industrial output were weak too. The government is leaving its boilerplate language on policy unchanged...

We broadly agree with the consensus view that most emerging economies will hold up well in 2012. But with the US set to slow and the euro-zone heading towards break-up, the path ahead is going to be...

Consumer price inflation may have fallen a percentage point or more in November. It will be a while before the impact of policy stimulus is felt, with the result that China faces a period of below...