“China’s top banker, Zhou Xiaochuan, told a meeting of regional leaders that his country’s growth rate had tumbled “a bit too much.”
…
Another issue at play here is President Xi Jinping’s anticorruption campaign. The country’s superrich are scared to spend. High-level officials and businessmen are going to jail. And all of it is disrupting the way business has been done in China.
But Xi doesn’t care about any of that. Using state media, he has made it clear that any suggestions that his anticorruption campaign is hurting the economy will not be tolerated. And China’s central bank is going to have to figure out another way to get more cash flowing through the economy. The drive will go on.