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May 2021 China Macro Data Recap

May output indicators were generally below market expectations, with a notable slowdown in construction activity data and cement output.  The global chip shortage is impacting China‘s auto output and sales activity, and virus-related restrictions in Guangdong appear to have influenced export shipments  in May.  Property sector indicators bear careful scrutiny as tightening measures targeting the sector intensify, while  the slowdown in credit growth may moderate in the coming months.

Posted June 27, 2021
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