No quantitative easing for China

CHINA ADVISORY - Report 15 Feb 2019 by Andrew Collier

There is a widespread expectation among western investors that China will enact quantitative easing to counter the effects of the trade war and the slowing economy. This is highly unlikely. Although there is substantial data indicating significant pain in the economy, including defaulting SMEs, unemployment, and general declining economic activity, the policy statements and actions from the leadership suggest Beijing is intent on avoiding an open-ended stimulus package. They are doing this due to concerns about debt, inefficient use of credit, and over-use of monetary policy for stimulus purposes.

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