April 2020 China Macro Data Recap

China’s post-COVID recovery continued in April, but was still uneven, with production indicators outpacing the rebound in consumption and services sector activity by widening margins. Deflationary pressures are the most immediate threat to the recovery, particularly given sharply rising finished goods inventories. Exports surprised on the strong side last month due to shipments of computers and medical equipment, while property sales indicators remained weak, pointing to slower construction growth later this year.

Posted May 17, 2020
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