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Q3 2021 China Macro Data Recap

China’s Q3 macroeconomic data will likely downgrade expectations of a quick recovery in Q4 and early 2022, given the pressures currently facing the property sector. Real GDP growth slowed to 4.9% y/y, and q/q data suggest annualized growth barely exceeding 2% so far in 2021. Slowing property and infrastructure construction and widespread power shortages depressed heavy industrial activity, while private sector credit demand remains soft. Export-oriented manufacturing is still the bright spot in the economy, with outbound shipments hitting new records in value terms, while nearly matching record volumes from earlier this year.

Posted October 18, 2021
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