To revive the economy, China wants consumers to buy better stuff
It is offering them money to do so
EVERYWHERE YOU look, the world’s politicians face tough economic choices. In many countries, they must raise taxes, cut spending or put up with high interest rates to keep inflation in check and make room for investment in the future. China is different. In the world’s second-biggest economy, inflation is too low, investment is excessive and interest rates are falling. The government’s most urgent economic task is to encourage citizens to loosen their belts, not tighten them.
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From the August 3rd 2024 edition
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Which Olympic sports is China good at?
The country’s athletes seem to prefer competing indoors and as individuals
When China hides disasters in a memory hole
A revealing attempt to forget a terrible plane crash
China is itching to mine the ocean floor
It wants to dominate critical-mineral supply chains
China unveils its new economic vision
It promises many reforms, but remains ambivalent about the role of the market
The nationalism of ideas
Xi Jinping wants Chinese systems of knowledge, free of Western values
The noose around the press in Hong Kong tightens
Even advocating press freedom begins to seem a bad career move