April 2016 Data Recap and Outlook

Attached is our review of China’s recently released April macroeconomic data, along with commentary concerning the May 9 People’s Daily editorial by an “authoritative person” close to China’s senior leadership, with implications for policy-related volatility within financial markets in the coming months.  Reviewing the data, we focus this month on the surge in credit to non-bank financial institutions rather than the real economy, the limited scope of the rebound in activity from surging property sales, and the potential for gains in producer prices to be sustained.

Posted August 1, 2017
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