News Snapshot:
The Chinese Communist Party has a new catchphrase to guide its economic policy, a so-called cross-cyclical approach that government advisers say means taking action sooner, in smaller steps and with a longer time frame in mind. It is a departure from countercyclical policy, which is when central banks and governments add stimulus to spur a slowing economy – like cutting interest rates or taxes and boosting infrastructure investment – and tighten when growth starts accelerating. Officials have not outlined what cross-cyclical policy entails, but several economists with links to the government say the objective is to take action that is...
