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Chinese President Xi Jinping. Photo: Antonio Masiello/Getty Images

China's fiscal and monetary stimulus measures have been credited with turning around the country's economy and perhaps underpinning a rebound in European and global trade this year by high-minded economists, including at the IMF.

Why it matters: The congratulations may be a bit premature, a new report from the OECD suggests. While the stimulus has helped improve economic data, China has worsened a problem that was already "excessive and unsustainable."

  • "Faced with a dampening of domestic demand and export orders, the authorities have resorted to stimulus measures involving taxes, access to credit and infrastructure investment. The stimulus risks increasing once again corporate sector indebtedness and, more generally, reversing progress in deleveraging."

What they're saying: Ed Yardeni, president and chief investment strategist at Yardeni Research, points out that while China's headline numbers look good, the growth in GDP is increasingly a direct result of fiscal stimulus.

  • "We question the sustainability of the Chinese government's initiatives. But they seem to be successful at maintaining some economic momentum for now."

Go deeper: Stimulus measures boost China's first quarter GDP growth

Go deeper

House passes sweeping election and anti-corruption bill

Photo: Win McNamee via Getty Images

The House voted 220-210Wednesday to pass Democrats' expansive election and anti-corruption bill.

Why it matters: Expanding voting access has been a top priority for Democrats for years, but the House passage of the For the People Act (H.R. 1) comes as states across the country consider legislation to rollback voting access in the aftermath of former President Trump's loss.

Updated 1 hour ago - Politics & Policy

House passes George Floyd Justice in Policing Act

Photo: Stephen Maturen via Getty Images

The House voted 220 to 212 on Wednesday evening to pass a policing bill named for George Floyd, the Black man whose death in Minneapolis last year led to nationwide protests against police brutality and racial injustice.

Why it matters: The legislation overhauls qualified immunity for police officers, bans chokeholds at the federal level, prohibits no-knock warrants in federal drug cases and outlaws racial profiling.

3 hours ago - Politics & Policy

Senate Republicans plan to exact pain before COVID relief vote

Sen. Ron Johnson. Photo: Stefani Reynolds/Bloomberg via Getty Images

Republicans are demanding a full, 600-page bill reading — and painful, multi-hour "vote-a-rama" — as Democrats forge ahead with their plan to pass President Biden's $1.9 trillion COVID-19 relief package.

Why it matters: The procedural war is aimed at forcing Democrats to defend several parts the GOP considers unnecessary and partisan. While the process won't substantially impact the final version of the mammoth bill, it'll provide plenty of ammunition for future campaign messaging.