Aggressive containment of the pandemic, rather than cautious, inhibited policymaking is probably the reason for China’s exceptional price stability:
The impression of him as a welcome anachronism was reinforced on April 15th when he spoke on the record, in English, at the Peterson Institute for International Economics, a think-tank in Washington, before accepting unscripted questions from the audience. In the talk, he expressed respect for market forces and economic liberties. “You have to believe that market adjustment is by and large rational,” he said.
This was music to the ears of the crowd in Washington. But a few of Mr Yi’s arguments raised eyebrows. He contrasted the stability of China’s interest rates with the activism of America’s Federal Reserve. After covid-19 struck, for example, the Fed slashed interest rates by 1.5 percentage points to near zero. The People’s Bank of China cut them by only 0.2 percentage points. Conversely, since the start of 2022, as the Fed has raised rates by 4.
This theoretical precept is, however, a rather strange guide to monetary policymaking. Central bankers do not, after all, control the marginal product of capital, exerting only very distant influence on it through their sway over the pace of investment.
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