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That could be more efficient, if companies know better than the government how to spend the money.
| SUBJ | false |
Yulin, a city in Shaanxi province, imposed a fine of 66,000 yuan ($9,500) on a grocer for selling 2.5kg of subpar celery.
| OBJ | false |
Unable to apply for additional loans itself, it suggested the employees themselves take out loans, which the company pledged to repay.
| OBJ | false |
Mr Xi has become deeply invested in maintaining a “zero-covid” regime, which he portrays as proof of China’s superior social model.
| OBJ | false |
Other countries may outpace the country’s economy this year.
| OBJ | false |
The title was as well received as the argument, echoed in a variety of papers such as “Innovating like China”, “Investing like China” and “Internationalising like China”.
| OBJ | false |
It is not like China to settle for such underperformance.
| SUBJ | false |
But in other countries, companies and consumers remained reluctant to borrow even at rock-bottom interest rates.
| OBJ | false |
That is far below the official target of 5.5%.
| OBJ | false |
An indebted state-owned bus company in Lanzhou, the capital of Gansu province, floated an ingenious idea to pay the overdue salaries of some of its staff.
| SUBJ | false |
Thanks to its deep property slump and the government’s “zero-covid” policy, which entails lockdowns in response to every outbreak of the virus, the economy is now forecast to grow by less than 3% in 2022, according to banks such as Nomura, Morgan Stanley and ubs.
| SUBJ | false |
China’s gdp in 2023 could be more than $2trn below the level forecast in January, reckons Goldman Sachs, another bank.
| OBJ | false |
Tax breaks for firms account for a big share of this year’s stimulus, compared with the negligible role they played in 2008-09.
| OBJ | false |
China’s leaders may be seeking to avoid the past’s mistakes, even if it means also forgoing the past’s successes.
| OBJ | false |
Mr Li has repeatedly promised not to resort to “flood-like” stimulus, a veiled reference to the past.
| OBJ | false |
Impressed by this result, Yi Wen of the Federal Reserve Bank of St Louis and Jing Wu of Tsinghua University wrote another “like China” paper, entitled “Withstanding the Great Recession like China”.
| OBJ | false |
China, like other countries, eased monetary policy when the global financial crisis struck.
| OBJ | false |
As a result, monetary easing did not translate into a big expansion of credit.
| OBJ | false |
And it was even larger in response to China’s property slowdown in 2015.
| OBJ | false |
Thus any additional government outlays would be less effective in stimulating private spending.
| OBJ | false |
In the past, economists have marvelled at its ability to stimulate spending when necessary, so as to meet its growth targets and adequately employ its busy workforce and workshops.
| OBJ | false |
China had other strings to pull.
| OBJ | false |
In principle, the central government could do more itself to revive growth.
| SUBJ | false |
But no one fights covid-19 like China. | SUBJ | false |
Yet faster growth in the money supply has not so far translated into an equivalent acceleration of credit.
| OBJ | false |
Even after the global financial crisis in 2008, China’s gdp quickly caught up to where it would have been had the crisis never happened.
| OBJ | false |
The country’s resilience, the authors argued, rested on the unconventional bust-busting tools that it had at its disposal.
| OBJ | false |
But only by about 3% of gdp, according to Goldman Sachs.
| OBJ | false |
But that is both less than many analysts expected and less than required.
| OBJ | false |
This year, however, the country is not growing like China at all.
| OBJ | false |
On September 16th it took more than seven yuan to buy a dollar for the first time since July 2020.
| OBJ | false |
Torrential spending by the many arms of the state left behind excess capacity, a skewed pattern of production and heavy debts.
| SUBJ | false |
From hero to zero There is a simpler explanation for the change of approach.
| OBJ | false |
China’s currency is also weakening.
| OBJ | false |
And the signs of financial strain are not confined to the ledger books.
| OBJ | false |
Xi Jinping, China’s president, and Li Keqiang, its prime minister, came into office in 2013, several years after the financial crash, when the unwelcome after-effects of China’s stimulus efforts were keenly felt.
| OBJ | false |
The property slump has hurt land sales, which accounted for about a third of their revenues last year.
| OBJ | false |
The fiscal swing was more like 4% of gdp in the two years from 2008 to 2010.
| OBJ | false |
But it may be less effective, if firms choose not to spend it at all.
| OBJ | false |
China has cut a variety of interest rates, including its first reduction in the benchmark deposit rate since 2015.
| OBJ | false |
In 2011 the American Economic Review published an influential article entitled “Growing like China”.
| OBJ | false |
Its authors, including Zheng Song of the Chinese University of Hong Kong, tried to explain China’s distinctive pace and pattern of development.
| OBJ | false |
In China, by contrast, state-owned enterprises and local-government financing vehicles (which invest in infrastructure and other civic projects) borrowed eagerly from China’s banks at the government’s behest.
| SUBJ | false |
Local governments and their financing vehicles, which led the stimulus efforts in 2008, are not now so bold.
| SUBJ | false |
It has allowed local authorities to issue another 500bn of “special bonds” (which are supposed to be repaid with revenues from the infrastructure projects they finance).
| OBJ | false |
In addition, the ever-present threat of lockdowns has crushed the confidence of consumers and entrepreneurs.
| SUBJ | true |
It could increase spending or help bridge the financial gaps suffered by lower levels of government.
| SUBJ | true |
Why, then, is China not withstanding this year’s slowdown as it did in the past?
| OBJ | true |
Local governments are under pressure to keep a lid on infections; a preoccupation that would distract them from an all-out effort to boost public investment, even if the financing were available.
| SUBJ | true |
Gone are the days when they led the world in recession-busting
| SUBJ | true |
Other countries pushed on a string.
| SUBJ | true |
A gap has opened up between the gdp path envisaged for China at the start of this year and the grimmer one that now seems probable.
| SUBJ | true |
In 2017, Vučić even appointed the gay politician Ana Brnabić as his prime ministerial replacement when he became president.
| OBJ | false |
“Hate speech has been far more prevalent, there have been calls for violence, calls to use weapons to prevent Pride – no one has even been detained or questioned over that, let alone prosecuted.”
| OBJ | false |
The pan-European festival had opened in the Serbian capital on Monday, with organisers hopeful that it would serve as a measure of progress since 2001.
| OBJ | false |
After 2001, activists defiantly tried to reorganise, but municipal authorities cancelled year after year, citing security concerns and claiming that they were unable to ensure the safety of participants.
| OBJ | false |
Garina, who was there, recalls that Belgrade “looked like a war zone”.
| OBJ | false |
“The idea when we first presented our bid in 2019 was exactly that: to showcase EuroPride in a country that really needs it.
| OBJ | false |
We wanted to draw attention to the systematic discrimination and the lack of political will to resolve the issues that the community is facing.” He said tolerance had increased in the Serbian capital but less so beyond it.
| OBJ | false |
Organisers got the green light in 2010, but Pride was once again marred by far-right violence and rioting.
| OBJ | false |
With a big police presence, Pride finally went ahead peacefully in 2014.
| OBJ | false |
Dveri said public funds allotted to EuroPride should be redirected to the treatment of sick children.
| OBJ | false |
“All we need is for the legal system to work in Serbia and for the rule of law to be observed,” she said.
| OBJ | false |
Mitic said that Dveri members were not against human rights or anti-discrimination laws protecting LGBTQ+ individuals in the workplace, for example, but that they opposed “the promotion of ideological homosexualism” that Pride represented.
| OBJ | false |
But he said the risk of a violent backlash had grown this year.
| OBJ | false |
It has been a bumpy road even to this juncture.
| SUBJ | false |
This year, the party lobbied for a parliamentary vote to ban Pride and, when that failed, it organised protests.
| OBJ | false |
A large number of influential far-right movements have been vocal in their opposition to EuroPride over recent months, which may have led Vučić to cancel the event.
| OBJ | false |
Mihailović and fellow organisers had seen EuroPride 2022 as a chance to take the event back to its political roots and remind participants from across Europe that Pride was not merely an opportunity to party.
| OBJ | false |
This is actually a win for us because it exposes all the faults within our system and the reality of the people who are in power.
| SUBJ | false |
“Next year we won’t have the visibility that we have this year.
| OBJ | false |
But a last-minute police ban on Saturday’s EuroPride parade, the planned climax of the week-long programme, has cast a spotlight on the ongoing struggle for equality in the Balkans.
| OBJ | false |
Either way, she said, a public gathering of some kind would go ahead on Saturday.
| OBJ | false |
“Visibility has increased – but that progress is just in Belgrade.
| OBJ | false |
In June 2001, nine months after the toppling of Serbia’s autocratic president Slobodan Milošević, the Serbian capital, Belgrade, attempted to host its first Pride parade.
| OBJ | false |
“After EuroPride went to Warsaw in 2010 and Riga in 2015, Belgrade seemed like a natural next step in terms of being political and complicated.”
| OBJ | false |
Civil partnerships that give same-sex couples the same rights as married ones, for example, remain nonexistent.
| OBJ | false |
The strongest and most consistent opposition to LGBTQ+ rights in Serbia has come from Dveri, a party of hard-right religious conservatives that often organises a “family values parade” on the day of Belgrade Pride as a form of counter-protest.
| OBJ | false |
On Sunday, anti-pride demonstrators including biker gangs, religious groups and far-right nationalists rallied in the capital “for marriage and the family”, demanding that the EuroPride parade be banned.
| OBJ | false |
Belgrade was chosen over Barcelona, Dublin and Lisbon to host EuroPride 2022.
| OBJ | false |
When Serbia became a candidate for EU membership in 2009, the government came under pressure from Brussels to prove its commitment to democratic values.
| OBJ | false |
However, Mihailović remains defiant, and says that the far right has not won.
| OBJ | false |
The event, which organisers had envisaged as a celebration of a new, progressive era, turned into a chaotic nightmare.
| SUBJ | false |
Tensions have surrounded the event since the Serbian president, Aleksandar Vučić, announced last month that EuroPride would have to be called off, out of fears that rightwing protests would lead to violent clashes.
| OBJ | false |
Marko Mihailović, the 29-year-old figurehead of Belgrade Pride, led the city’s winning bid.
| OBJ | false |
“This [cancellation] shows the necessity of hosting EuroPride in Belgrade,” Mihailović said.
| OBJ | false |
“There have been more rightwing extremists spreading lies and malicious conspiracy theories in the media than in previous years,” he said.
| OBJ | false |
“I’m more concerned about next year,” he admits.
| OBJ | false |
Up to 10,000 people had been expected in Belgrade for the parade.
| OBJ | false |
“Absolutely not.
| OBJ | false |
Although Dveri is a negligible force in national politics – the party won just 4% of the vote in this year’s election – a supermajority of parliamentary seats are held by right-leaning parties that have no electoral incentive to improve LGBTQ+ rights.
| OBJ | false |
Vučić said he regretted it but cited a deepening security crisis with neighbouring Kosovo and economic pressures among other reasons for postponing EuroPride to “happier times”.
| OBJ | false |
The rest of Serbia is as homophobic as ever.” Serbia, where same-sex unions are not lawful, represented a new frontier for the wider LGBTQ+ movement, Garina said.
| OBJ | false |
And while local far-right activists appear to have quietly accepted defeat over Belgrade Pride, a tame and small-scale annual event, the ferocity of their opposition to EuroPride reveals that social attitudes are not much different from 2001.
| SUBJ | false |
The ultras of Belgrade’s biggest football clubs momentarily put tribal animosities aside and ran riot across the city, beating up parade-goers and fighting running battles with the police that left two officers seriously injured.
| OBJ | false |
A first day of scheduled events went ahead without incident on Monday, but on Tuesday police issued a ban on Saturday’s parade, as well as any counter-protests.
| OBJ | false |
Kristine Garina, the Latvian president of the European Pride Organisers Association, said organisers were appealing against the ban in the courts.
| OBJ | false |
“We regard this as the tyranny of an extreme minority that’s trying to impose its own values in contradiction to the collective moral values of society.”
| OBJ | false |
For now it appears that the extremists have got their way.
| OBJ | false |
This is not a loss in any way.” But at the same time, he expresses fears about the future of the battle for equality in the country.
| OBJ | false |
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