Executive Summary: Two major developments have followed the Third Plenum in July. First, a series of economic data releases indicated that the plenum had done nothing to improve the country’s short-term outlook. Second, a series of stimulus measures were announced over a two-week period, that... MORE

Executive Summary: In a departure from the long-term economic program announced at the Third Plenum in July, the Party leadership used an unusual politburo meeting in September to acknowledge “new situations and challenges” in the economy, unveiling its most significant stimulus package in recent years.... MORE