China’s policy mix: “proactive” and “prudent” in name, tightening in practice

With policymakers’ focus coming back to financial stability, Chinese stimulus will not be saving the global economy this time round. But expect monetary tightening through liquidity and regulation, rather than policy rate hikes, in 2021. Authorities in China are describing the policy mix in 2021 as “proactive” on the fiscal side, and “prudent” on the monetary side.

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