reset the world’s conversation about a country that is in trouble? That is the task facing China’s embattled leadership this week, during what will be the most important public-facing political event of the year. China’s legislature, the National People’s Congress , is a rubber-stamp affair, but its annual session provides a rare window onto what the Communist Party is thinking.
Mr Xi is known to worry about the downsides of stimulus, such as more debt and wasteful investment. In an alternative scenario China might set a growth target of 4.5%, keep the deficit lower at 3% and make no mention of special bond issuances. That scenario would be a “reckoning moment” for investors, says Ms Qiao. It would demonstrate that even amid dire economic news, China is not prepared to gin up the economy, as many fund managers and business people would like it to.
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