In the decade after the global financial crisis the China economy generated a quarter of global GDP but whether it can do the same this time is open to question.
China cut its benchmark lending rate by 0.2 to 3.85 percent as well as announcing 1 trillion yuan ($141.3 billion) of debt financing measures on Monday.
This was in response to its economy contracting 6.8 percent in the first quarter and was also a demonstration of the fiscal and monetary headroom it has compared to many Western governments which now have little room for manoeuvre after their economic rescue measures.
My in-depth cover story in China Daily looks at the challenges facing the China and global economy amid the worst pandemic for more than a century.
It includes interviews with Michael Spence, professor of economics at New York University’s Stern School of Business and a Nobel prize winner for economics, Michael Pettis, professor of finance at Peking University, Zhu Tian, professor of economics at the China Europe International Business School, the Shanghai-based business school, Louis Kuijs, Hong Kong-based Asia head of Oxford Economics, an economics consultancy, George Magnus, a research associate at Oxford University’s China Centre, Douglas McWilliams, deputy chairman and founder of the Centre for Economics and Business Research, a London-based economics consultancy, Hao Hong, head of research and chief strategist at Bocom International, the Hong Kong-based financial services company, Shan Saeed, chief economist, IQI Global, a Kuala Lumpur-based investment company, Zhu Ning, deputy dean and professor of finance at the Shanghai Advanced Institute of Finance and Sun Mingchun, chief economist at Haitong International Securities.4