The Wuhan virus could blow up the game China's been playing with its economy for years by lopezlinette
Health Officials in hazmat suits wait at the gate to check body temperatures of passengers arriving from the city of Wuhan Wednesday, Jan. 22, 2020, at the airport in Beijing, China.The Wuhan virus has markets roiling and Chinese officials rushing to stop its spread. Dozens have been killed and thousands infected across the country. Cases of the virus have also been found in the US.
And the longer it drags down economic growth, the more Chinese policymakers will be tempted to return to their best trick to juice up the economy, raising the possibility that property markets could overheat.Visit Business Insider's homepage for more storiesFor those who follow markets, starting the year with volatility emanating from China is all-too familiar.
"Without doubt, the hit would be most significant on domestic consumption and tourism-related sectors across the nation," Societe Generale analysts Wei Yao and Michelle Lam wrote in a recent note to clients. The plan was to keep credit flowing, but to make conditions especially easy for private business and small and medium-sized enterprises . At the same time policymakers would focus on fixing zombie companies — mostly big state owned enterprises — and weening them off their addiction to credit. In order to make sure property markets stayed cool, policymakers also committed themselves to stressing that buying property was not for speculation.
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