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
- Chinese policymakers apparently see little prospect of a short-term residential property-market recovery.
- The home provident fund reform is unlikely to boost property demand, barring a huge funding injection.
- Developer credit risk remains high, as home sales income falls and policy support is adjusted.
- Policymakers won’t be flustered by the Q4 GDP growth slippage, hit by flagging investment and consumption.
- They can bank on solid export growth, thanks to burgeoning competitiveness in higher-tech products.
- Quasi-fiscal policy support backed by the policy banks is still coming through; more property support is likely.
In one line: China's Q4 GDP reports torpid domestic demand versus vibrant industrial output
In one line: Non-government credit demand still sluggish amid structural adjustment
In one line: Non-government credit demand still sluggish amid structural adjustment
- The PBoC yesterday signalled room for policy rate and RRR cuts, while easing via structural policy tools.
- We expect only a token 10bp policy rate cut this year, likely timed to counter shocks, such as to trade policy.
- Private-sector credit growth remained sluggish in December; quasi-fiscal policy is still gaining traction.
In one line: BoJ won't be fazed by slowing headline wage growth, as regular pay growth is relatively steady
- China’s $11.5B rise in foreign reserves in December was down entirely to currency-valuation effects.
- The large trade surplus has been resilient, despite tariff frictions, due to exports expanding into new markets.
- Our estimated residual net capital outflow probably points to retained export earnings held offshore.
In one line: Sentiment rose, despite slowing demand
- China’s manufacturing PMIs ended the year on a positive note, but thanks to short-term effects.
- The construction PMI rose to its highest since March, but due to mild winter weather rather than stimulus.
- Policymakers will monitor the quasi-fiscal investment stimulus, while making only minor policy tweaks.
