State media in China is controlled by the Chinese Communist Party, bear that in mind when reading any officially sanctioned 'news' out of China.
From approved financial media comes a front page piece saying more policy stimulus is needed to boost growth in the economy.
This comes after yesterday's awful economic data and the small rate cuts from the People's Bank of China:
I posted this earlier today:
If you look at Western central banks, I'll use the Fed and RBA as examples, these guys are letting wishful thinking on inflation guide their piecemeal approach to rate hikes. The RBA is particularly laughable, its so far behind the curve with its paltry, slow moves. The PBOC, on the other hand, seem at the opposite end of the wishful thinking scale. A cratering economy (the property sector is imploding and rolling COVID restrictions are killing jobs and growth) and a liquidity trap and we get 0.1% PBOC rate cuts? China has plenty of room for much more aggressive stimulus than this, monetary and fiscal. The CCP is too busy having a petulant tantrum, throwing missiles at democratic Taiwan. Sad.
