China Pivots and Finally Aims Stimulus at the Source of its Economic Crisis
After three years of incremental measures to manage the fallout from its real estate crisis and stimulate the manufacturing and export-oriented sectors of its economy, China’s central government did a hard pivot and finally began to tackle the root cause of its crisis: an historic collapse in consumer confidence that has shown few signs of recovery since the twin shocks of the COVID-induced shutdown of the country in 2020 and the collapse of its real estate market in 2021