Ep 76 - China's economy is hurting, Beijing's answer is patience

China's July Politburo meeting is always a big one, as the leadership takes stock of the economy and signals policy adjustments for the second half of the year.In this year’s July meeting, officials clearly signaled that more fiscal support is on the way, but only in modest amounts.Note: This is our second short format episode – tighter, quick-turnaround reactions to the news as it breaks, alongside our regular weekly deep dives.Let us know what you think about the new format!On this episode, Andrew Polk sits down with Dinny McMahon (Trivium’s Head of Markets Research) to unpack:How this July Politburo readout offered surprisingly clear language that more fiscal support is coming, and in what formWhat "fiscal-financial cooperation" means in practice, and why it's really code for interest rate subsidiesWhy Beijing is likely to lean on accelerated special-purpose bond issuance – and a probable Q4 top-up, following last year's playbook – rather than broad interest rate cutsWhy none of this changes the underlying story: Beijing is deliberately riding out a long, painful real estate adjustment – and this is just a slight pick-me-up