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2nd Mar 2022 00:00China+, Daily Monitor

  • China's activity surveys were better than expected in February, and a touch of optimism is warranted...
  • ...but should be freighted with caution, given holiday effects, and evidence that demand is still soft.
  • Policy stimulus is feeding through, but stability is the watchword, not explosive growth.

caixin construction credit developers employment export orders exports government implications industrial output January liquidity local governments manufacturing manufacturing pmi March nbs new export orders new orders non-manufacturing pmi official manufacturing pmi pboc pmi policy productivity smes soe survey data surveys tax cuts trade trade policy

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