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That could be more efficient, if companies know better than the government how to spend the money.
SUBJ
false
Yulin, a city in Shaanxi province, imposed a fine of 66,000 yuan ($9,500) on a grocer for selling 2.5kg of subpar celery.
OBJ
false
Unable to apply for additional loans itself, it suggested the employees themselves take out loans, which the company pledged to repay.
OBJ
false
Mr Xi has become deeply invested in maintaining a “zero-covid” regime, which he portrays as proof of China’s superior social model.
OBJ
false
Other countries may outpace the country’s economy this year.
OBJ
false
The title was as well received as the argument, echoed in a variety of papers such as “Innovating like China”, “Investing like China” and “Internationalising like China”.
OBJ
false
It is not like China to settle for such underperformance.
SUBJ
false
But in other countries, companies and consumers remained reluctant to borrow even at rock-bottom interest rates.
OBJ
false
That is far below the official target of 5.5%.
OBJ
false
An indebted state-owned bus company in Lanzhou, the capital of Gansu province, floated an ingenious idea to pay the overdue salaries of some of its staff.
SUBJ
false
Thanks to its deep property slump and the government’s “zero-covid” policy, which entails lockdowns in response to every outbreak of the virus, the economy is now forecast to grow by less than 3% in 2022, according to banks such as Nomura, Morgan Stanley and ubs.
SUBJ
false
China’s gdp in 2023 could be more than $2trn below the level forecast in January, reckons Goldman Sachs, another bank.
OBJ
false
Tax breaks for firms account for a big share of this year’s stimulus, compared with the negligible role they played in 2008-09.
OBJ
false
China’s leaders may be seeking to avoid the past’s mistakes, even if it means also forgoing the past’s successes.
OBJ
false
Mr Li has repeatedly promised not to resort to “flood-like” stimulus, a veiled reference to the past.
OBJ
false
Impressed by this result, Yi Wen of the Federal Reserve Bank of St Louis and Jing Wu of Tsinghua University wrote another “like China” paper, entitled “Withstanding the Great Recession like China”.
OBJ
false
China, like other countries, eased monetary policy when the global financial crisis struck.
OBJ
false
As a result, monetary easing did not translate into a big expansion of credit.
OBJ
false
And it was even larger in response to China’s property slowdown in 2015.
OBJ
false
Thus any additional government outlays would be less effective in stimulating private spending.
OBJ
false
In the past, economists have marvelled at its ability to stimulate spending when necessary, so as to meet its growth targets and adequately employ its busy workforce and workshops.
OBJ
false
China had other strings to pull.
OBJ
false
In principle, the central government could do more itself to revive growth.
SUBJ
false
But no one fights covid-19 like China.
SUBJ
false
Yet faster growth in the money supply has not so far translated into an equivalent acceleration of credit.
OBJ
false
Even after the global financial crisis in 2008, China’s gdp quickly caught up to where it would have been had the crisis never happened.
OBJ
false
The country’s resilience, the authors argued, rested on the unconventional bust-busting tools that it had at its disposal.
OBJ
false
But only by about 3% of gdp, according to Goldman Sachs.
OBJ
false
But that is both less than many analysts expected and less than required.
OBJ
false
This year, however, the country is not growing like China at all.
OBJ
false
On September 16th it took more than seven yuan to buy a dollar for the first time since July 2020.
OBJ
false
Torrential spending by the many arms of the state left behind excess capacity, a skewed pattern of production and heavy debts.
SUBJ
false
From hero to zero There is a simpler explanation for the change of approach.
OBJ
false
China’s currency is also weakening.
OBJ
false
And the signs of financial strain are not confined to the ledger books.
OBJ
false
Xi Jinping, China’s president, and Li Keqiang, its prime minister, came into office in 2013, several years after the financial crash, when the unwelcome after-effects of China’s stimulus efforts were keenly felt.
OBJ
false
The property slump has hurt land sales, which accounted for about a third of their revenues last year.
OBJ
false
The fiscal swing was more like 4% of gdp in the two years from 2008 to 2010.
OBJ
false
But it may be less effective, if firms choose not to spend it at all.
OBJ
false
China has cut a variety of interest rates, including its first reduction in the benchmark deposit rate since 2015.
OBJ
false
In 2011 the American Economic Review published an influential article entitled “Growing like China”.
OBJ
false
Its authors, including Zheng Song of the Chinese University of Hong Kong, tried to explain China’s distinctive pace and pattern of development.
OBJ
false
In China, by contrast, state-owned enterprises and local-government financing vehicles (which invest in infrastructure and other civic projects) borrowed eagerly from China’s banks at the government’s behest.
SUBJ
false
Local governments and their financing vehicles, which led the stimulus efforts in 2008, are not now so bold.
SUBJ
false
It has allowed local authorities to issue another 500bn of “special bonds” (which are supposed to be repaid with revenues from the infrastructure projects they finance).
OBJ
false
In addition, the ever-present threat of lockdowns has crushed the confidence of consumers and entrepreneurs.
SUBJ
true
It could increase spending or help bridge the financial gaps suffered by lower levels of government.
SUBJ
true
Why, then, is China not withstanding this year’s slowdown as it did in the past?
OBJ
true
Local governments are under pressure to keep a lid on infections; a preoccupation that would distract them from an all-out effort to boost public investment, even if the financing were available.
SUBJ
true
Gone are the days when they led the world in recession-busting
SUBJ
true
Other countries pushed on a string.
SUBJ
true
A gap has opened up between the gdp path envisaged for China at the start of this year and the grimmer one that now seems probable.
SUBJ
true
In 2017, Vučić even appointed the gay politician Ana Brnabić as his prime ministerial replacement when he became president.
OBJ
false
“Hate speech has been far more prevalent, there have been calls for violence, calls to use weapons to prevent Pride – no one has even been detained or questioned over that, let alone prosecuted.”
OBJ
false
The pan-European festival had opened in the Serbian capital on Monday, with organisers hopeful that it would serve as a measure of progress since 2001.
OBJ
false
After 2001, activists defiantly tried to reorganise, but municipal authorities cancelled year after year, citing security concerns and claiming that they were unable to ensure the safety of participants.
OBJ
false
Garina, who was there, recalls that Belgrade “looked like a war zone”.
OBJ
false
“The idea when we first presented our bid in 2019 was exactly that: to showcase EuroPride in a country that really needs it.
OBJ
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We wanted to draw attention to the systematic discrimination and the lack of political will to resolve the issues that the community is facing.” He said tolerance had increased in the Serbian capital but less so beyond it.
OBJ
false
Organisers got the green light in 2010, but Pride was once again marred by far-right violence and rioting.
OBJ
false
With a big police presence, Pride finally went ahead peacefully in 2014.
OBJ
false
Dveri said public funds allotted to EuroPride should be redirected to the treatment of sick children.
OBJ
false
“All we need is for the legal system to work in Serbia and for the rule of law to be observed,” she said.
OBJ
false
Mitic said that Dveri members were not against human rights or anti-discrimination laws protecting LGBTQ+ individuals in the workplace, for example, but that they opposed “the promotion of ideological homosexualism” that Pride represented.
OBJ
false
But he said the risk of a violent backlash had grown this year.
OBJ
false
It has been a bumpy road even to this juncture.
SUBJ
false
This year, the party lobbied for a parliamentary vote to ban Pride and, when that failed, it organised protests.
OBJ
false
A large number of influential far-right movements have been vocal in their opposition to EuroPride over recent months, which may have led Vučić to cancel the event.
OBJ
false
Mihailović and fellow organisers had seen EuroPride 2022 as a chance to take the event back to its political roots and remind participants from across Europe that Pride was not merely an opportunity to party.
OBJ
false
This is actually a win for us because it exposes all the faults within our system and the reality of the people who are in power.
SUBJ
false
“Next year we won’t have the visibility that we have this year.
OBJ
false
But a last-minute police ban on Saturday’s EuroPride parade, the planned climax of the week-long programme, has cast a spotlight on the ongoing struggle for equality in the Balkans.
OBJ
false
Either way, she said, a public gathering of some kind would go ahead on Saturday.
OBJ
false
“Visibility has increased – but that progress is just in Belgrade.
OBJ
false
In June 2001, nine months after the toppling of Serbia’s autocratic president Slobodan Milošević, the Serbian capital, Belgrade, attempted to host its first Pride parade.
OBJ
false
“After EuroPride went to Warsaw in 2010 and Riga in 2015, Belgrade seemed like a natural next step in terms of being political and complicated.”
OBJ
false
Civil partnerships that give same-sex couples the same rights as married ones, for example, remain nonexistent.
OBJ
false
The strongest and most consistent opposition to LGBTQ+ rights in Serbia has come from Dveri, a party of hard-right religious conservatives that often organises a “family values parade” on the day of Belgrade Pride as a form of counter-protest.
OBJ
false
On Sunday, anti-pride demonstrators including biker gangs, religious groups and far-right nationalists rallied in the capital “for marriage and the family”, demanding that the EuroPride parade be banned.
OBJ
false
Belgrade was chosen over Barcelona, Dublin and Lisbon to host EuroPride 2022.
OBJ
false
When Serbia became a candidate for EU membership in 2009, the government came under pressure from Brussels to prove its commitment to democratic values.
OBJ
false
However, Mihailović remains defiant, and says that the far right has not won.
OBJ
false
The event, which organisers had envisaged as a celebration of a new, progressive era, turned into a chaotic nightmare.
SUBJ
false
Tensions have surrounded the event since the Serbian president, Aleksandar Vučić, announced last month that EuroPride would have to be called off, out of fears that rightwing protests would lead to violent clashes.
OBJ
false
Marko Mihailović, the 29-year-old figurehead of Belgrade Pride, led the city’s winning bid.
OBJ
false
“This [cancellation] shows the necessity of hosting EuroPride in Belgrade,” Mihailović said.
OBJ
false
“There have been more rightwing extremists spreading lies and malicious conspiracy theories in the media than in previous years,” he said.
OBJ
false
“I’m more concerned about next year,” he admits.
OBJ
false
Up to 10,000 people had been expected in Belgrade for the parade.
OBJ
false
“Absolutely not.
OBJ
false
Although Dveri is a negligible force in national politics – the party won just 4% of the vote in this year’s election – a supermajority of parliamentary seats are held by right-leaning parties that have no electoral incentive to improve LGBTQ+ rights.
OBJ
false
Vučić said he regretted it but cited a deepening security crisis with neighbouring Kosovo and economic pressures among other reasons for postponing EuroPride to “happier times”.
OBJ
false
The rest of Serbia is as homophobic as ever.” Serbia, where same-sex unions are not lawful, represented a new frontier for the wider LGBTQ+ movement, Garina said.
OBJ
false
And while local far-right activists appear to have quietly accepted defeat over Belgrade Pride, a tame and small-scale annual event, the ferocity of their opposition to EuroPride reveals that social attitudes are not much different from 2001.
SUBJ
false
The ultras of Belgrade’s biggest football clubs momentarily put tribal animosities aside and ran riot across the city, beating up parade-goers and fighting running battles with the police that left two officers seriously injured.
OBJ
false
A first day of scheduled events went ahead without incident on Monday, but on Tuesday police issued a ban on Saturday’s parade, as well as any counter-protests.
OBJ
false
Kristine Garina, the Latvian president of the European Pride Organisers Association, said organisers were appealing against the ban in the courts.
OBJ
false
“We regard this as the tyranny of an extreme minority that’s trying to impose its own values in contradiction to the collective moral values of society.”
OBJ
false
For now it appears that the extremists have got their way.
OBJ
false
This is not a loss in any way.” But at the same time, he expresses fears about the future of the battle for equality in the country.
OBJ
false