China+ Publications
Below is a list of our China+ Publications for the last 5 months. If you are looking for reports older than 5 months please email info@pantheonmacro.com, or contact your account rep
Please use the filters on the right to search for a specific date or topic.
Daily Monitor Duncan Wrigley
- China will seek to prop up domestic demand in response to the US tariff hikes…
- …But this won’t mitigate the hit to growth fully, so we cut our 2025 GDP growth forecast by 0.4pp, to 4.0%.
- Serious trade talks are likely to get underway soon, but the US is unlikely to roll back the tariff hikes fully.
Duncan WrigleyChina+
- Korean export growth accelerated in March, but due to post-holiday effects and front-loading or orders.
- The manufacturing PMI slipped in March, despite a robust new export order reading.
- Firms are worried about tariff hikes and political risks, with the impeachment ruling due on Friday.
Duncan WrigleyChina+
- China’s official March PMIs showed lasting, though waning, stimulus support for activity.
- The manufacturing index is still above 50, but sentiment slipped ahead of likely US tariff hikes today.
- Construction new orders dived, raising questions about local-government investment activity.
Duncan WrigleyChina+
- Korean consumer sentiment faltered again in March, due to worries about growth and job prospects.
- Business sentiment is faring better, at least in the tech sector; profitability is still under pressure, however.
- WDA 20-day exports rebounded in March, thanks to chip exports reviving after the Lunar New Year holiday.
Duncan WrigleyChina+
- The BoJ is likely to persist with two more rate hikes this year, despite early warning signals about growth.
- Japanese business sentiment sank to its lowest since January 2021 in yesterday’s composite flash PMI.
- Broadening food inflation is likely to prop up consumer inflation, pointing towards the risk of stagflation.
Duncan WrigleyChina+
- China’s key activity data for the first two months of 2025 beat market expectations on all fronts.
- Local governments have stepped up investment, while manufacturing is roaring ahead.
- But consumption spending is making only gradual progress; funding is key to the new plan.
Duncan WrigleyChina+
- Japan’s Q4 growth was lifted by net exports, while domestic demand was insipid.
- People are curbing discretionary spending in the face of red-hot food inflation and weak real wage growth.
- Headline GDP growth should fall in Q1 as exports slow, despite robust inbound Chinese tourism.
Duncan WrigleyChina+
- Premier Li yesterday announced additional stimulus equivalent to 1.7% of GDP, to bolster growth.
- The disappointing funding amount for consumer subsidies can be boosted to offset slowing exports.
- Government land and property inventory purchases should moderately speed up the real estate recovery.
Duncan WrigleyChina+
- China’s February PMIs point to a post-holiday activity bounce, but also improved sentiment.
- Sentiment in the manufacturing sector revived, thanks to expectations of stronger demand.
- The construction PMI rose on the back of infrastructure project construction work.
Duncan WrigleyChina+
- China’s technology & manufacturing policy will take centre stage at the Two Sessions next week.
- Targeted consumption support will be ramped up; no big handout, but fiscal transfers should be supportive.
- The bank recapitalisation provides ammunition for mid-year stimulus, to mitigate the trade war impact.
Duncan WrigleyChina+
- The Bank of Korea cut rates yesterday, as widely expected in the market, given currency stability.
- Anther two cuts are likely, though we see a rising case for three, given domestic political and trade-war risks.
- China’s bond yield uptick likely reflects improved sentiment, but that rests on fragile ground.
Duncan WrigleyChina+
- Korean exports slowed in February, except to Asia ex-China manufacturing hubs.
- Auto exports benefited from front-loading ahead of a likely US auto tariff hike; chip exports should rebound.
- President Trump’s investment restriction memo is a bargaining chip ahead of trade talks with China.
Duncan WrigleyChina+
- President Xi’s meeting with tech executives on Monday was important for symbolism and policy.
- But it won’t magically solve the macro challenges of sagging profits and weak demand.
- Rapid AI adoption is disruptive for hiring demand; skills mismatches will weigh on the labour market.
Duncan WrigleyChina+
- China’s local governments have begun using special- bond funds to stabilise the residential market.
- But in some cases it’s more a matter of moving money from the left pocket to the right pocket.
- More property-policy tweaking is likely during next month’s Two Sessions; gradual progress in prospect.
Duncan WrigleyChina+
- China’s consumer goods trade-in scheme drove RMB300B in retail sales, or 0.2% of GDP, last year.
- The expanded scheme is likely to drive 0.7% of GDP this year, thanks to greater fiscal support.
- The industrial equipment upgrade programme should support 0.8% of GDP, unchanged from last year.
Duncan WrigleyChina+
- China’s January headline consumer inflation jumped, due to holiday spending and timing effects.
- The holiday bump in inflation is likely to subside after Lunar New Year, with demand still soft.
- Producer prices continued to fall in January, amid signs of industrial excess supply and falling costs.
Duncan WrigleyChina+
- China’s consumption activity was strong over the Lunar New Year holiday period...
- ...But it is likely to slow again afterwards, repeating the pattern established since the reopening.
- January’s Caixin services PMI activity slowed a tad before the holiday, but expectations improved.
Duncan WrigleyChina+
- China is likely to be restrained in its retaliation to the US tariff hike announced over the weekend.
- A limited trade war is more likely than a near-term grand bargain. Goodwill gestures seem likely.
- The Caixin manufacturing PMI declined in January but held up better than the official gauge.
Duncan WrigleyChina+
