China Data Response China PMIs (Apr.) The latest surveys suggest that growth edged down this month. Supply-side disruptions appear mostly to blame for a slower rise in manufacturing output. But there are also signs of a demand-led... 30th April 2021 · 3 mins read
China Data Response China GDP (Q1), Activity & Spending (Mar.) China’s GDP growth jumped to a record high in y/y terms last quarter. But this was entirely due to a weaker base for comparison from last year’s historic downturn. In q/q terms, growth dropped back... 16th April 2021 · 3 mins read
China Data Response China Trade (Mar.) Export and import growth remained elevated in y/y terms last month, even as base effects turned slightly less favourable. In level terms, exports dropped back slightly but imports continued to rise... 13th April 2021 · 3 mins read
China Data Response China Bank Lending & Broad Credit (Mar.) After an uptick in February, the slowdown in credit growth resumed in March. Hawkish signals in the government’s work report suggest that the deceleration will continue as policymakers focus on... 12th April 2021 · 2 mins read
China Data Response China Consumer & Producer Prices (Mar.) Consumer price deflation reversed last month due to a jump in fuel prices and an uptick in core inflation. But evidence of intensifying price pressures was clearest in producer price inflation, which... 9th April 2021 · 2 mins read
China Data Response China Caixin Manufacturing PMI (Mar.) After yesterday’s strong set of Official PMI data, the Caixin manufacturing index published today disappointed, falling to an eleven-month low. Taken together, the surveys are consistent with a slight... 1st April 2021 · 2 mins read
China Data Response China Official PMIs (Mar.) The latest surveys suggest that after being hit by virus disruptions earlier in the year, activity bounced back strongly this month. But we suspect it won’t be long before growth is slowing again. 31st March 2021 · 2 mins read
China Data Response China Activity & Spending (Jan. & Feb.) Economic growth surged in y/y terms in January and February. But the picture is more mixed after accounting for favourable base effects. Travel restrictions weighed on retail sales but boosted... 15th March 2021 · 3 mins read
China Data Response China Bank Lending & Broad Credit (Feb.) After four months of consecutive declines, broad credit growth accelerated in February. But we think the slowdown in lending will resume before long given the hawkish signals out of the National... 10th March 2021 · 2 mins read
China Data Response China Consumer & Producer Prices (Feb.) A drop in food inflation caused by shifts in the timing of the Lunar New Year meant that headline consumer price inflation remained in negative territory last month. That said, broader price pressures... 10th March 2021 · 2 mins read
China Data Response China Trade (Jan. & Feb.) Export and import growth surged in y/y terms in January and February. Even accounting for favourable base effects, shipments look strong. Exports continued to be buoyed by stuck-at-home foreign... 8th March 2021 · 3 mins read
China Data Response China PMIs (Feb.) The latest manufacturing surveys suggest that factory activity didn’t receive the boost we had anticipated from travel restrictions over the Spring Festival. Nevertheless, we think activity will... 1st March 2021 · 3 mins read
China Data Response China Consumer & Producer Prices (Jan.) Headline consumer price inflation returned to negative territory last month, but this was largely due to a shift in the timing of the Lunar New Year. In fact, producer price inflation turned positive... 10th February 2021 · 2 mins read
China Data Response China Bank Lending & Broad Credit (Jan.) Credit growth in China dropped back further last month due to a broad-based slowdown in both bank and non-bank lending. Credit is likely to continue decelerating as the PBOC focuses on reining in... 9th February 2021 · 2 mins read
China Data Response China PMIs (Jan.) The latest surveys suggest that the pace of expansion in the manufacturing sector slowed in January. But that’s not too surprising given that output was already well above trend – capacity utilisation... 1st February 2021 · 2 mins read
China Data Response Hong Kong GDP (Q4 Preliminary) Hong Kong’s economy was treading water at the end of 2020 as the re-imposition of containment measures weighed on consumption. Unless authorities bring the ongoing outbreak under control soon, the... 29th January 2021 · 2 mins read
