RIO DE JANEIRO, BRAZIL - At the peak of the global financial crisis a decade ago, China's massive spending on construction and infrastructure has restored demand for commodities and reversed the sharp drop in prices.
As the coronavirus pandemic risks an even worse crisis, it is unlikely that the Beijing government will be able to achieve the same kind of impact.
With the world on the verge of entering a severe recession, China is signaling additional fiscal stimulus measures on top of the initiatives already taken, which have revolved around injecting liquidity into the economy.
But hope that China will . . .