9 December 2025 China+ Monitor China's Politburo focus on domestic demand and structural issues

• China’s December Politburo meeting yesterday signalled greater confidence in the near-term outlook...
• ...allowing renewed focus on long-term structural issues as well as near-term demand support.
• Exports rose 5.9% year-over-year in November, thanks to demand from non-US markets.

CHINA+ DATA WRAP 8 December 2025: Politburo signals urgency to stabilise demand

Politburo signals urgency to stabilise domestic demand
Chinese exports resume solid growth to non-US markets
Japanese wages lifted by bonuses

8 December 2025 China+ Monitor China likely to pursue a fairly strong RMB policy in 2026

• China is likely to allow gradual and managed currency appreciation in 2026.
• This will reinforce the show of strength which worked well for China during the tariff war.
• The key is that exports are likely to hold up, despite modest CNY appreciation.

5 December 2025 China+ Monitor Weak demand keeps Chinese manufacturers' profits from recovering

• China’s industrial-profit recovery stalled in October after emerging from the trough in the summer.
• The deterioration was broad-based, but the slowdown was led primarily by weakness in manufacturing.
• Two of the three industrial-profit drivers worsened, and feeble demand failed to create more revenue.

PM Datanote: Industrial Profits, China, November

In one line: China’s industrial profit recovery stalled as growth driver weaken in October

China+ Datanote: BoK Decision, Korea, November

In one line: Bank of Korea stand pats on better growth prospects, higher inflation trend due to the weak won

China+ Datanote: Flash PMIs, Japan, November

In one line: Japan’s services and manufacturers face worsening inflation dynamics.

PM Datanote: 20 Day Export, Korea, November

In one line: Korea’s WDA 20 day export growth moderates in November despite headline rebound.

PM Datanote: National CPI, October, Japan

In one line: Japan’s inflation and currency backdrop favours policy normalisation, but politics cloud a near-term BoJ hike.

PM Datanote: Loan Prime Rates, China, November

In one line: China holds fire on LPR cuts amid banking NIM compression

PM Datanote: Activity Data, China, October

In one line: China's October activity data show broad-based weakness, despite some positivity on the inflation and profits fronts

PM Datanote: Money & Credit, China, October

In one line: China credit growth softens further in October, pointing to ongoing real economy weakness.

PM Datanote: CPI, China, October

In one line: China’s CPI turns positive in October on stronger-than-expected festive demand

PM Datanote: PPI, China, October

In one line: China’s PPI deflation continues to ease in October, with pockets of good news in involuted industries.

PM Datanote: Current Account Balance, China, Q3 (Preliminary)

In one line: China’s current account surplus widens in Q3 compared to a year ago on record goods exports.

PM Datanote: FX Reserves, China, October

In one line: China’s October FX reserves rise unexpectedly on equity inflows despite dollar strength 

PM Datanote: Exports, China, October

In one line: China’s export reversal led by weaker shipments to non-US markets, notably the EU. 

PM Datanote: RatingDog Manufacturing PMI, China, October

In one line: China’s RatingDog PMI slips as export orders fall sharply in October amid renewed US trade tensions

PM Datanote: Manufacturing PMI ,Korea, October

In one line: Renewed weakness in Korean manufacturing sector in October; Trade/ investment deal eases outlook risks 

PM Datanote: Exports, Korea, October

In one line: Semiconductors and South America shipments drive Korea’s WDA export rebound.