China's Purported Fiscal Stimulus Isn't Shovel-Ready Yet
On-the-ground signs that China hasn't been spending its infrastructure funds just yet.
If you build it ...
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Fiscal stimulus promised to give China's economy a second-half lift as Beijing came to the rescue after the country's growth began to falter.
But there may be a problem with this strategy. Anecdotal evidence presented to Bank of America Merrill Lynch strategists suggests the funds earmarked for infrastructure spending haven't yet been deployed.