Logo 17 Apr 2025

Macro wrap: China’s Q1 GDP growth smashes expectations, but masks underlying weaknesses

Subscribe to keep reading.

Trivium Markets keeps you briefed on the latest developments in China markets policy.

Try it free

Already a subscriber? Log in.

To read this macro wrap as a PDF, click here.
Exec sum

China’s GDP grew 5.4% y/y in Q1 – matching the previous quarter – driven by manufacturing and foreign demand.
While this is a bullish headline GDP print, underlying data reveals persistent economic weaknesses.
First, growth in household co...



More recent developments

Logo May 4, 2025
Does Beijing have Trump’s number? – the weekly recap

Never take a vacation during a trade war. That’s the lesson I learned this week after coming back from a wonderful two weeks off of work. The time away was great, but the world moves on while you’re unplugged. The… Read More »

Logo April 23, 2025
Property roundup: Can 2025 be the year of property buybacks?

To view the roundup as a pdf, click here. The rundown Recent property sales and price data point to a gradual firming of homebuyer sentiment, but the property sector’s broader troubles remain far from resolved. In our previous roundup, we… Read More »

Logo April 12, 2025
Hitting the pause button: The weekly recap

Whew – what a week. I, for one, am glad it’s over – and to be honest, while we didn’t exactly end up in a great place when it comes to US-China trade tensions, things could have been much worse.… Read More »