Waiting for stimulus, heatwave highlights climate risks

Aside from token 10 basis point rate cuts and an extension of EV tax breaks, there hasn’t been much in the way of policy stimulus yet. We still think a more meaningful, infrastructure-focused fiscal package is in the works but it may take time to draw up. Meanwhile, the current heatwave in North China is a threat to China’s food supply and risks a repeat of last summer’s power shortages.

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