Pantheon Macroeconomics

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  • Chinese satellite imagery concurs with April’s activity slump, with urban luminosity falling on an annual basis.
  • May’s activity data are likely to stay weak, weighed down by soft domestic demand, though better than April.
  • Fiscal deposit deployment may support May’s FAI, while spending faces payback effects from trade-in policies.

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Keywords for: 12 June 2026 China+ Monitor

independent macro research, Pantheon Macro, Pantheon Macroeconomics, independent research, ian shepherdson, economic intelligence