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May 2022 China Macro Data Recap

While headline industrial value-added surprisingly expanded by 0.7% y/y in May, most official subcomponent data continued to reveal a contracting economy. The property sector is now a significant drag on investment activity and overall economic momentum. Easing COVID restrictions will be essential to catalyze a more sustainable rebound later in the year, but any recovery will be modest in comparison to what occurred in 2020.

Posted June 21, 2022
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