Imbalances in the Chinese economy have worsened and delayed China's transition to consumption-led growth, the International Monetary Fund said in an annual review on Friday, slashing its outlook for the country this year.
The IMF assessment, in its Article IV review, reflects growing concern among some economists and officials that greater state intervention in the economy could be hindering China's long-held goal of "high-quality" growth-one driven by consumption rather than investment.
Derby's Take: Pandemic Stimulus Was Just Right, Powell Says
Federal Reserve leader Jerome Powell isn't buying the argument made by some critics that massive government aid and monetary-policy stimulus overdid it, creating a huge surge in U.S. inflation.
"It's too soon to write that history," Mr. Powell told reporters Wednesday after a Federal Open Market Committee meeting. As the second anniversary of the Covid-19 pandemic approached, he cautioned armchair quarterbacks who see the stimulus as overly abundant to think back to how dire things looked when the health crisis struck, and said "there was a real risk of lasting damage" to the economy that called for a very aggressive response.
Where Six Meme Stock Investors Are Now
Some regret their exuberance. Others value the lessons they learned. Still others are convinced big profits lie ahead.
Months after interviewing them in 2021, we checked back in with some of the investors who went all-in on so-called meme stocks during the pandemic-or bet against them-to see how they are adjusting as the market deals with a new round of turbulence.
China's Property Crisis Has Investors in Green Bonds Seeing Red
Before the Chinese property sector ran into trouble, developers had rushed to issue green bonds, making them among the most prolific corporate issuers in this fast-growing corner of global finance.
But the selloff in China's property-bond market in recent months, and a string of defaults, have hammered prices for many of these dollar-denominated green or sustainable bonds, which finance environmentally friendly or social projects. Creditors have suffered hefty losses. Several of the securities now trade at less than 30 cents on the dollar, indicating deep skepticism among investors that they will get back anything close to the original value.
U.S. Seeks to Confront Russia at U.N. Security Council Over Ukraine
The U.S. called for a meeting of the United Nations Security Council to discuss the standoff over Ukraine, seeking to apply international pressure on Russia to negotiate its concerns about European security among diplomats rather than on the battlefield.
The meeting would be a rare opportunity for Washington and its allies to discuss the actions of another permanent Security Council member-Russia-on the world stage. Set for Monday, the meeting would occur just one day before Moscow takes over the rotating presidency of the council.
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This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
January 28, 2022 06:42 ET (11:42 GMT)Copyright (c) 2022 Dow Jones & Company, Inc.