Chinese economic policy is at a crossroads after a two-year battle against excessive debt, a campaign that has inflicted a heavy toll on domestic demand just as a trade war with the US also threatens growth.
Now critics warn that the country is resorting to its old playbook of debt-fuelled spending to ease a slide in growth — an approach that could worsen the long-term risks that the deleveraging campaign had sought to tame.
At a Politburo meeting on Tuesday, top Communist party leaders adjusted the official monetary policy stance from “prudent and neutral” to merely “prudent” — a clear move towards loosening. The Politburo communiqué also cited “maintaining steady and healthy economic growth” as the number one task.
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