May 2018 China Macro Data Recap

China’s macroeconomic data in May showed the effects of tightening credit conditions, with fixed asset investment and infrastructure investment growth reaching new lows. There is still a notable divergence between data showing sharp declines in credit, deposit, import volume, and raw industrial output growth, and more resilience among growth rates of import values and industrial value-added. The weakness in credit and activity growth suggests additional monetary easing steps are necessary and probable in the next few months.

Posted July 1, 2018
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