Two and a half years ago, China pledged to let markets play a “decisive role” in the world’s second-largest economy. But as the economy slows, it is falling back upon old state reflexes to rev up the engines of growth.
The central bank’s reported decision to start accepting local government bonds as collateral for low-interest rate loans represents the latest in a series of moves to use state levers to resuscitate economic dynamism.
The policy is seen as having been driven by the reluctance of commercial banks to purchase municipal bonds: debt issued by local governments to replace high-interest loans.
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