BEIJING (Oct 19): China’s economic growth cooled to its weakest pace since the global financial crisis in the third quarter, with regulators pledging further policy support as a years-long campaign to tackle debt risks and the trade war with the United States began to bite.
Chinese authorities are trying to navigate through numerous challenges, as the trade war fears have sparked a blistering selloff in domestic stock markets and a steep decline in the value of the yuan versus the dollar, heightening worries about the growth outlook.
Under conventional economic theory, a government that spends more than it collects has two unpleasant choices: borrow, or raise taxes. An alternative view provided by what’s known as Modern Monetary Theory is taking hold among progressive U.S. politicians. The idea is that there’s lots more room for deficit spending on wish-list items like guaranteeing everyone a job, fixing infrastructure, making higher education loan-free and ensuring everyone has access to health care. With President Donald T