UBS On-Air: Paul Donovan Daily Audio 'Stimulating times'

China has announced a fiscal stimulus, increasing the deficit limit from 3% to 3.8% of GDP. The money is focused on infrastructure spending. China was expected to meet this year’s growth target of around 5%. The rush to stimulate at this point in the year suggests concern about growth momentum in 2024, or a worry that living standard reality is not as good as the reported GDP figures imply.