The News
China’s stock market closed out its best week since 2008 on Friday after Beijing announced wide-ranging stimulus packages to boost the country’s flagging economy.
The rally spread across the world, with shares of luxury giant LVMH — which is increasingly reliant on Chinese consumers — rising more than 15% yesterday. And IKEA announced its biggest-ever investment in the country shortly after the stimulus was unveiled.
However, some experts believe the fiscal boost is insufficient to revive the economy, which is on pace for its worst growth rate in decades besides a pandemic-era contraction. “China’s slump will require more money… and an end to the rhetoric that has hurt investor and consumer confidence alike,” the Financial Times’ board argued.
