Daily Memo: China’s Negative List, Japan’s Yen, India and Pakistan’s Back and Forth

All the news worth knowing today.

GPF Staff |March 6, 2019

China’s economic headaches persist. The vice chairman of China’s National Development and Reform Commission said Wednesday that China was preparing to shrink its “negative list” (which identifies the sectors in which foreign companies are banned from investing) to further open up the agricultural, mining, manufacturing and service industries. This comes a day after Chinese Premier Li Keqiang announced new tax cuts and a push to issue new municipal debt, even though local governments in China have an estimated $6 trillion in existing off-balance sheet debt. Meanwhile, Nikkei reported that the Chinese government was paying people in Tengzhou, a less-developed coastal city, to relocate so that property developers can demolish existing housing and build new property. To those familiar with China’s recent economic history, this sounds familiar: Much of its growth – both economic and in debt – has been driven by real estate development, creating a complex web of interdependence

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