The Central Economic Work Conference ended today with a pledge of more support for consumers and property developers. That’s the second major policy document with a focus on consumers this week. Might we be seeing the emergence of new thinking on stimulus? Otherwise, the main focus this week and over the weeks ahead will remain the spread of COVID within China. The abrupt abandonment of the zero-COVID policy hasn’t just changed the near-term outlook. It also raises questions about how well the government is able to tackle long-run challenges.
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