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
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Duncan Wrigley
RatingDog PMI stung by waning domestic demand, despite buoyant overseas orders
Korean manufacturing index treading water
Tokyo inflation slows slightly, with hints of steady wage inflation going into 2026
- Tokyo inflation edged down to 2.7% year-over-year in November, but the BoJ will focus more on the markets.
- Government claims that total borrowing this year will less than last year have provided reassurance for now.
- The 2026 wage outlook looks reasonably promising, despite the earlier profit hit to automakers from tariffs.
- - CHINA LIKELY TO FOCUS ON EBBING DOMESTIC ACTIVITY
- - BOJ DECEMBER RATE HIKE BACK ON THE TABLE
- - KOREA’S CONSUMER CONFIDENCE REBOUND
- China’s new promotion scheme to raise consumption issued yesterday is old wine in new wineskins.
- The scheme focuses on boosting supply, without addressing the root causes of dull consumer demand.
- Bright spots amid the gloom include rising spending on consumer services, like sports and tourism.
In one line: exports hold up ahead of row with China
- China’s residential property market is weakening again, in the absence of robust new policy support.
- Broad inventory needs another 18 months to bottom out, but even that depends on sentiment stabilising.
- A modest rise in land sales this year, albeit from a very low base, is a flickering ray of light.
- Japan’s Q3 GDP shrank, hit by weaker net exports, a slower inventory rise and falling residential investment.
- The government aims to secure a larger supplementary budget than in 2024, leading to bond-market worries.
- The diplomatic spat with China over Taiwan could put a 0.3pp dent in GDP growth if Chinese tourism stops.
Weak net exports of goods and tourism hit growth
Private consumption was sluggish
Business non-residential investment was resilient
