Cooling Economy Drives Chinese Officials to Prioritize Growth

China’s slipping economic momentum is sparking a shift in government priorities—away from curbing mounting debt levels and toward a renewed focus on raw growth, The Wall Street Journal reported. Gross domestic product growth fell to 6% for the third quarter of the year, hitting the bottom of Beijing’s targeted range, amid clearer signals the government wants to ramp up infrastructure spending and official support for businesses, the kinds of policies that fueled borrowing—and economic expansion—after the 2008 financial crisis. Beijing is taking steps to give banks more leeway to lend, prodding local authorities to borrow to fund big-ticket infrastructure projects like high-speed railways, and allowing the country’s currency, the yuan, to depreciate to counter trade challenges from the U.S. Read more