China: August economic recovery maintained the momentum with the uneven feature mitigated


Economic activity indicators of August including industrial production,fixed-asset investment and retail sales all showed remarkable improvement from their previous month's readings and beat the consensus. Although the recovery was still unbalanced, the silver lining is retail sales entered positive expansion.

Key points

  • Economic activity indicators of August all showed remarkable improvement from the previous readings.
  • Although the uneven feature still exists, the silver lining is that retail sales entered into the expansionary track.
  • To stimulate domestic demand, the policy focus will be on the new “dual circulation” growth model with a focus on “internal-circulation”.
  • From the policy perspective, the previous accommodating monetary and fiscal measures will continue to roll-out through the rest of the year but large stimulus is not anticipated.
  • We expect an unbalanced recovery to continue in the rest of this year and the economy still needs time to go back to the pre-COVID level.

 

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