China's central bank announces its boldest measures in years, yet analysts fear they may not be enough to help a flagging economy [Fortune]
ING Group, N.V. (ING)
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Source: Fortune
sector debt crisis , continued deflationary pressure and high youth unemployment The world's second-largest economy has yet to achieve a highly anticipated post-pandemic recovery and the government has set a goal of five percent growth in 2024—an objective analysts say is optimistic given the headwinds it is facing. On Tuesday, central bank chief Pan Gongsheng told a news conference in Beijing that it would cut a slew of rates in a bid to boost growth , pledging to “promote the expansion of consumption and investment”. The moves represent “the most significant… stimulus package since the early days of the pandemic”, said Julian Evans-Pritchard, head of China economics at Capital Economics. But “it may not be enough”, he warned, adding a full economic recovery would “require more substantial fiscal support than the modest pick-up in government spending that's currently in the pipeline”. Among the measures unveiled Tuesday was a cut to the reserve requirement ratio (RRR), whic
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