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August 2021 China Macro Data Recap

China’s August output data missed expectations, particularly for major industrial output components and consumption indicators such as retail sales growth. September and October data may improve after most Delta-related travel restrictions are lifted, but slowing property construction and auto output are now weakening cyclical momentum. A critical test of the property sector’s health looms in the coming two months of peak seasonal sales activity.

Posted September 15, 2021
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