Summary:

In this episode, we provide a comprehensive examination of China's reliance on economic stimulus, tracing its historical evolution and assessing its effectiveness using empirical data. We analyze the role of stimulus within China's state capitalist framework, contrasting it with approaches in other economies. We explore the present use of stimulus in response to current economic challenges as of early 2025 and discuss the potential future of these interventions in light of demographic shifts, geopolitical tensions, and climate objectives. Ultimately, we evaluate whether China's stimulus strategy offers sustainable growth or poses risks of increased debt and economic instability.

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