China doubles down on austerity, but not with a Trump-style Doge approach

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China doubles down on austerity, but not with a Trump-style Doge approach
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FROM Datuk T. Murugiah Tamil Schools Development Foundation Malaysia president

On Tuesday, People’s Daily, the Communist Party mouthpiece, published a long front-page article recapping an eight-point code of conduct outlined by President Xi Jinping in December 2012.

“The eight-point regulations are effective iron rules for the long term ... They are not just for five or 10 years,” the article said. The two sessions also saw the central government raise deficit spending to 4 per cent of GDP for the first time in recent history as part of its efforts to stimulate the economy in the face of increasing external risk. But at the same time, Beijing needs to ensure that money is being spent in areas that really need it.

“Trump can hire and fire as the US employment system is more flexible,” the political scientist said, speaking on condition of anonymity due to the sensitivity of the subject. Based on budget plans, international rating agency Fitch estimated in a March 7 research report that China’s debt ratio was likely to rise to the “high-60s per cent of GDP”.

“Working meals should serve the usual dishes in a home-cooking style. High-end dishes such as shark’s fin, bird’s nest and dishes made from wild protected animals should not be served, along with cigarettes and high-end liquor. Meals shall not take place in private clubs and luxurious dining venues,” one of the rules states.

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