On the ground in China: Chief economist finds gloomier outlook
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Corporate insights On the ground in China: Chief economist finds gloomier outlook 22-11-2023 Chief Economist Tuuli Koivu recently returned from a week in China – her first trip there since before the COVID-19 pandemic. Local sentiment on the Chinese economy was quite different th
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The desk views China's ongoing economic slowdown, particularly in domestic consumption and investment, as a pivotal shift signaling broader economic challenges. Per the full note from ing-think, retail sales growth slowed to a mere 0.2% year-on-year in April—the weakest performance since 2022—highlighting waning consumer confidence and spending. This trend has implications for the yuan as it strains local demand while external demand remains relatively robust. Our insights indicate that while the Chinese government currently lacks a sense of urgency regarding monetary easing, further declines in key economic indicators may trigger policy action later in the year.