CHINA+ DATA WRAP 01.12.21 - Stabilisation in China, and a boost to Korean exports

Disparity with Chinese official data driven by falling new orders and employment, and further supply delays

Japanese capex data hints at little revision to GDP

Resumption of Chinese demand lifts Korean trade, but it’s also flattered by lumpy ship exports

Craig BothamChina+

8 Oct 2021 No Capital Outflows Yet, but Contagion is Still Spreading

• No cause for concern in foreign exchange reserves data.
• Capital outflow pressure appears modest and re- serves sufficient, for now.
• Property sector stress is growing, however, and cracks are appearing for key actors.

Craig BothamChina+

8 Sept 2021 August's Punchy Trade Likely will Come at the Expense of September

• China's trade surplus surprised in August, with two- way trade enjoying hefty rebounds from July.
• Activity likely benefited from front-loading, though, and the orders data still point to a sharp correction.
• FX reserves fell only marginally in August, suggest- ing a bounce-back in capital outflows.

Freya Beamish (Chief Asia Economist)China+