A Chinese lesson on how not to crash an economy

One of China’s most influential economic advisers to President Xi Jinping shares what he learned from the global financial crisis.

When the global financial crisis unleashed its destructive power across the world, China’s export industry dipped into red territory, with negative growth for several quarters between 2008 and 2010. Its breakneck double-digit growth rate slowed to 6.6 per cent during the first quarter of 2009. The situation was reversed when Beijing implemented a massive four trillion yuan stimulus package that not only saved China but also Australia.

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