China Chart Pack The three-child policy: too little, too late State media announced today that China’s family planning policy will be relaxed to allow all families to have three children, up from the current limit of two. This comes shortly after China’s once-a... 31st May 2021 · 13 mins read
China Chart Pack Jump in input costs weighing on industry The Q1 industrial profits data published this week were very strong. Net profits continued rise rapidly and are now 50% higher than they were two years ago. Only a third of this is due to higher sales... 30th April 2021 · 12 mins read
China Chart Pack Vaccination steps up a gear China’s vaccination campaign has accelerated sharply over the past week. The daily pace of vaccination is now only just short of the five million needed to hit the target of inoculating 40% of the... 1st April 2021 · 11 mins read
China Chart Pack Defaults by state firms surge Incoming data continue to point to strength in domestic activity, spending and revenues. Yet strains in China’s corporate bond market continue to grow, with the value of defaults hitting all-time... 25th February 2021 · 12 mins read
China Chart Pack Surge in interbank rates a hawkish signal from PBOC Short-term funding costs for banks have risen sharply during the past couple of weeks. The 7-day depository repo rate (DR007), which has been flagged by the PBOC as a key benchmark and focus of... 29th January 2021 · 13 mins read
China Chart Pack And the winner of 2020 is… COVID-19 has wreaked havoc on the world economy, which is set to contract the most since WWII this year. China has not been immune – it is on track for its slowest growth since the Mao era – but set... 23rd December 2020 · 12 mins read
China Chart Pack Financial risks once again at centre stage There is no clearer sign that China’s economy is back to normal than the return to centre stage of concerns about property developers, the bad debts of SOEs and financial risks. Regulators’ tolerance... 25th November 2020 · 12 mins read
China Chart Pack The high stakes for China’s Five-Year Plan China’s leaders concluded their discussions on the 14th Five-Year Plan today. The initial post-meeting communique offered few new details but more may be revealed at a press conference tomorrow. The... 29th October 2020 · 12 mins read
China Chart Pack Policymakers refocus on property developer debt The speed at which officials in China have pivoted from crisis response to another round of restrictions on property developers has caught many by surprise. Developers might have hoped that they would... 28th September 2020 · 11 mins read
China Chart Pack Recent stimulus has set back domestic rebalancing The consumption share of GDP had edged up in recent years, but that progress has been reversed by the COVID-19 stimulus response, which has focused on boosting investment. The consumption share should... 27th August 2020 · 11 mins read
China Chart Pack State share of investment heading for a 10-year high Private investment is down 7.3% y/y so far this year, held back by the uncertain economic outlook. State firms have stepped in to fill the gap. Despite a sharp downturn at the time of China’s lockdown... 31st July 2020 · 12 mins read
China Chart Pack Export sector cushioned by COVID-linked demand China’s exports have held up remarkably well in the face of the sharp slump in global activity. They contracted just 3.3% y/y in US dollar terms in May. The detailed trade data published today show... 24th June 2020 · 11 mins read
China Chart Pack Debt-to-GDP ratio to jump by most on record this year The government’s annual work report published on Friday made clear that policymakers will engineer an acceleration in credit growth this year. The report didn’t offer an explicit target for aggregate... 27th May 2020 · 11 mins read
China Chart Pack Industrial restart feeding inventories Output from China’s industrial sector rebounded in March, as the government encouraged firms to re-open. But revenues remained much weaker, signalling that demand remained depressed. Inventories... 27th April 2020 · 10 mins read
China Chart Pack Labour market conditions continue to worsen Activity across both industry and services is recovering as measures to contain the coronavirus have been eased. But the recovery is likely to run into the constraint of weak demand before long. The... 27th March 2020 · 11 mins read
China Chart Pack Most factories now open but production still subdued Chinese factories were slow to reopen even after the extended Lunar New Year holiday came to end. One week after most of the country officially went back to work on 10th February, more than half of... 28th February 2020 · 12 mins read
