HONG KONG/AMSTERDAM : Global investors fleeing China have one simple message for the country's leadership: put prudence aside for a short while, and start spending big.
"At this point there is confusion and, as long as there is confusion, then there's lack of credibility and that means investors are more likely to stay away," said Seema Shah, chief global strategist at Principal Global Investors in London. Zhao finds the lack of a policy response to the weakening economy an"eerie reprisal of China’s stubborn zero-Covid policy", which lasted three years before being suddenly dismantled last December.
Frederik Ducrozet, head of macroeconomic research at Pictet Wealth Management, says local governments should be allowed to quickly issue bonds, pointing to how the Chinese government and provinces had raised substantially less cash this year than in 2022. UBS Bank estimates China's total government debt was 111 trillion yuan in 2022, the bulk of which is owed by struggling provincial governments. Yet, overall debt at 92 per cent of what is the world's second-biggest economy is smaller than that in Japan or the United States.
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