July 2018 China Macro Data Recap

July data pointed to continued deceleration of economic activity across the board, particularly in fixed asset investment and infrastructure at the local government level. Export data probably should have been stronger given support from yuan depreciation and front-loading ahead of tariffs. Property data were surprisingly resilient in this context, but there are reasons to be more concerned about the property outlook, given the limited pickup in credit growth resulting from monetary easing so far.

Posted August 18, 2018
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