Pantheon Macroeconomics

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8th Jul 2022 15:14China+, Daily Monitor, Weekly Monitor

We think China entered a balance sheet recession in Q2, and policy needs recalibrating to fix it.

The combination of the property downturn, tech crackdown, and zero-Covid, have hit asset values.

Balance sheet repair takes time, and breaks monetary transmission; fiscal support is needed.

credit credit growth developers employment gdp data gdp growth government industrial production July June liquidity local governments manufacturing March market rates May ministry of finance mpc nominal gdp pboc policy q2 q3 real gdp real gdp growth recession retail sales rmb rrr surveys technical recession

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Keywords for: China is Headed for a Balance Sheet Recession in Q2

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