, Columnist
In China, Prudence Is a Virtue (for Now)
The bit-by-bit approach to burnishing growth gives fiscal policy a shot. In a welcome move, the central bank opts for more discretion than valor.
Too much of everything is just enough.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
If this is prudence, let’s have more of it.
The People’s Bank of China’s bit-by-bit approach to spurring growth is letting fiscal policy take a welcome turn at the wheel. It also amplifies a trend seen in other major economies, where central banks are carrying less of a burden relative to the past decade.