China’s silent auctions
Numbers alone don't really do justice to China’s post-global financial crisis credit boom, but they are impressive nonetheless. A RMB4 trillion ($633 billion) stimulus package was announced at the end of 2008, bank lending rose nearly 130% over the course of 2009 to a record $1.4 trillion, and tax breaks were offered on everything from textile exports to refrigerator purchases.
The measures were instrumental in easing the impact of a temporary rout of China's export sector and reviving consumer sentiment. Wise heads, however, questioned the implications of so large a liquidity...
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