We saw early signs of easing from local governments, but Beijing is unlikely to change stance before December.
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The change is part of Beijing’s wider plan to include Macau in its broader counter-sanction regime.
Beijing is pushing market reform and creating new mechanisms for renewable firms to profit.
Fiscal factors are unlikely to boost China’s slowing growth, despite the deficit being behind target for the first seven months of 2021.
The Chinese economy slowed more than expected in July, with exports now the only engine for growth.
China’s thermal power reliance this year means greater pressure on curbing industrial activities.
