China entered the fourth quarter with a more balanced economy as consumption growth nearly caught up to factory output, in an upswing that now depends on how much more stimulus Beijing may deploy in the event of a tariff shock when Donald Trump returns to the White House in 2025.

Lan Fo’an, China’s finance minister, said that local governments would be allowed to issue extra bonds worth trillions of yuan to replace riskier “hidden” debts. These hidden liabilities typically belong to local-government financing vehicles ( LGFV s),

As China attempts to move towards a consumption-based economy, the Politburo is trying to eliminate economic drags before President-elect Donald Trump imposes tariffs. While the markets are pessimistic,

China will fight back if President-elect Donald Trump follows through on his promise to impose a 60% tariff on Chinese imports, according to Zhu Min, a former top official at the Chinese central bank.

China must be careful not to engage in another round of tit-for-tat tariffs when Donald Trump returns to the White House, a highly regarded Beijing-based analyst has urged. "We need to be very careful not to fall into the tit-for-tat trap,