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China rejects $1 TRILLION loan plan from the IMF for a 'housing rescue plan' (bail out the real estate corporations) (archive.is)
submitted 3 months ago by MaoTheLawn@hexbear.net to c/news@hexbear.net
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How stupid do they think China is

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[-] InevitableSwing@hexbear.net 27 points 3 months ago

The IMF called on China to deploy “one-off” fiscal resources to complete and deliver pre-sold properties or compensate homebuyers, according to an annual review of the world’s second-largest economy published Friday. It put the cost at the equivalent of 5.5% of gross domestic product over four years.

That would amount to almost $1 trillion based on last year’s GDP, according to Bloomberg calculations. It’s a solution that China all but ruled out in an official response included in the report.

“We believe that we should continue to apply market-based and rule-of-law principles in completing and delivering these units,” said Zhang Zhengxin, the IMF’s executive director for China who was elected to the fund by the government in Beijing.

this post was submitted on 04 Aug 2024
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