August 2022 China Macro Data Recap

August macroeconomic data pointed in conflicting directions, with industrial production and retail sales above expectations, while exports and inflation indicators moderated. Sequential momentum in the economy remains weak amidst COVID restrictions and continued declines in residential property construction, while auto sector activity and base effects flattered headline growth rates. Credit growth has picked up, supported by infrastructure-driven lending from policy banks.

Posted September 16, 2022
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