Xi’s Stimulus Package Met With Wall of Skepticism in Washington
- Yellen criticizes Chinese policy for not tackling overcapacity
- Traders watch top legislators’ meeting for more fiscal support
Xi Jinping
Source: Bloomberg
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President Xi Jinping’s boldest economic stimulus since the pandemic failed to impress global luminaries gathered in Washington this week, who called for more measures to rebalance China’s growth and greater clarity over Beijing’s policy plans.
Central bank governors and finance ministers who spoke on the sidelines of the annual meeting of the International Monetary Fund and World Bank threw cold water on China’s recent roll-out of interest-rate cuts, more cash for banks and housing sector support. Others said there’s a lack of clarity around the crucial fiscal package as investors wait for a meeting of China’s top legislators on Nov. 4-8 to see if they’d approve any new stimulus.