<\/p>\n
Communist Party leaders have been meeting for four days to discuss the broad outlines of economic reform for the next five years. And the result is: not much. The communique released yesterday contains only the usual slogans of recent months and years, such as \u2018reform and opening up,\u2019 \u2018supply-side reform,\u2019 or newer phrases like \u2018new productive forces\u2019 and \u2018high-quality growth\u2019, Commerzbank\u2019s FX analyst Volkmar Baur notes.<\/p>\n
\u201cBut, a change in thinking or new approaches are nowhere to be found. Detailed documents on the decisions taken will be published in the next few days. But even there, one will probably look in vain for ideas on how to support and revive private consumption. In the first half of this year, the Chinese economy grew by 5%. But 0.7 percentage points of that growth came from foreign trade alone.\u201d<\/p>\n
\u201cThis means that domestic demand grew by only 4.3%. This persistently weak domestic demand by Chinese standards is also reflected in persistently low inflation and falling government bond yields \u2013 except for the 10-year segment, where the central bank has announced that it may intervene to correct the situation.\u201d<\/p>\n
\u201cAs long as the domestic economy remains weak, the interest rate differential between Chinese and US Treasuries will remain high and the Chinese Yuan (CNY) will remain under pressure. For now, the only bright spot for the CNY is the upcoming interest rate cycle in the US, which should provide some relief for the CNY.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
Communist Party leaders have been meeting for four days to discuss the broad outlines of economic reform for the next five years. And the result is: not much. The communique released yesterday contains only the usual slogans of recent months and years, such as \u2018reform and opening up,\u2019 \u2018supply-side reform,\u2019 or newer phrases like \u2018new […]<\/p>\n","protected":false},"author":2,"featured_media":11348,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,449,256,254],"class_list":["post-348444","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-usdcny","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/348444","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=348444"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/348444\/revisions"}],"predecessor-version":[{"id":348445,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/348444\/revisions\/348445"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/11348"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=348444"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=348444"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=348444"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}