November 2018 China Macro Data Recap

China’s November economic data disappointed expectations, with the trade dispute starting to impact export and import totals, particularly involving US-China trade. While industrial value-added growth hit a post-crisis low, this was driven primarily by weaker auto output as inventories remained elevated, and the effect should fade in 3-6 months. Monetary growth remained weak, but corporate credit growth is starting to pick up, suggesting a possible stabilization in investment and activity growth ahead.

Posted December 17, 2018
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