La Cina rallenta

Cause ed effetti del rallentamento dell'economia cinese spiegati dall'Economist.

Whereas previous leaders propped up growth whenever it slowed, Xi Jinping, China's president since 2013, has instead spread the gospel of the "new normal", by which he means less emphasis on growth and faster structural reform. The central bank has been hesitant to ease monetary policy. Changes to fiscal rules have made it harder for local governments to spend money. With consumer-price inflation running at a five-year low of 1.1% and producer prices deep in deflation, there is a case to be made that China's economy, restrained by the government, is performing below its potential. The good news is that neither the cyclical nor the policy explanations for China's slowdown are permanent. As the cycle turns and policy changes, the outlook should improve. But the structural shifts in the Chinese economy are a different story. They will cap any rebounds. Double-digit growth is most certainly a relic of China's past.