The News
Chinese authorities insisted the country would meet its economic growth targets, but disappointed traders by stopping short of introducing broader fiscal stimulus.
Stocks had surged in recent weeks after officials outlined plans for major injections of cash to bolster the beleaguered economy, but banks and investors have more recently voiced skepticism that Beijing would back up its rhetoric with action. “Hopes were raised,” one currencies analyst told Reuters, “but the delivery was disappointing.”
Still, there are signs that China’s economy — weighed down by a struggling property sector, huge debt, and high levels of youth unemployment — is gathering momentum: Casino spending, which the Financial Times said was among “the more trustable Chinese real-time economic indicators,” is up 30% year-on-year.
