The China Upswing
Comment of the Day

January 05 2022

Commentary by Eoin Treacy

The China Upswing

Thanks to a subscriber for this report from Morgan Stanley which may be of interest. Here is a section:

Eoin Treacy's view

A link to the full report is posted in the Subscriber's Area.

Capital is both global and mobile. China demurred from opening the monetary and fiscal spigot during the early portion of the pandemic. It didn’t need to. Demand for its exports took off and it was possible to keep factories open because of the country’s strict quarantine regime. Using a period of outsized growth in its balance of trade to tighten up on overleverage in the property sector was a sound countercyclical policy.

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