Tightening in Winter, Easing in Spring

The conclusion of the Party Congress leaves key policy priorities intact for at least the next few months: deleveraging, regulatory tightening, and supply-side adjustments. However, tighter credit conditions are contributing to cyclical deceleration in industrial activity, led by the property sector, and fiscal and quasi-fiscal easing measures will probably start to be discussed in the spring.

Posted November 9, 2017
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