Opinion Xi Jinping has no one to blame but himself as China’s COVID hole gets deeper
as general secretary and party leader but have again resorted to draconian measures in response to the latest outbreaks.even before the latest wave of infections. The combination of the impacts of the lockdowns and the collapse of property market activity had depressed economic activity.
If China is unable or unwilling to do as most of the major economies have done and be prepared to live with COVID, then the harsh lockdowns will continue to depress economic activity, impact supply chains like Apple’s that are reliant on China and contribute to the global slowdown. , and left a massive pile of uncompleted developments and hordes of angry customers who have been left with mortgages for properties that may never be completed.
State-owned banks have been instructed to lend more for housing and China’s central bank has directed banks to hold less capital for emergencies and lend the funds for housing instead. New bonds being issued by some developers are being guaranteed by government-owned entities and they are being given new lines of credit by state-owned banks. There are new capital gains tax breaks for apartment buyers.
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