China’s economic buzzwords explained, from ‘common prosperity’ to ‘dual circulation’

China is writing a new chapter in its development strategy, and its using a host of terms that do not appear in mainstream macroeconomic textbooks. Here are some of the buzzwords on the lips of the nation’s leaders.1. Cross-cyclical adjustmentThe term refers to policy actions across business cycles and first appeared in a July statement from the Politburo, the 25-member decision-making body headed by President Xi Jinping. It marks a shift from countercyclical policies, which are direct fiscal…

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