Q1 2020 China Macro Data Recap

The shutdowns necessary to contain the COVID-19 outbreak pushed China’s economy into an unprecedented contraction in Q1. Subcomponent data showed a faster recovery within heavy industries than services sectors or discretionary consumer spending. Credit growth rebounded and should assist in a gradual recovery in the next few quarters, but remains well short of a 2009-style expansion. Both slowing property construction and household consumption remain clear risks to a sustained recovery in the medium term.

Posted May 4, 2020
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