
More recent developments

July PMIs point to softening growth
July’s PMI data suggests China’s industrial juggernaut is starting to slow. Per recent data from the stats bureau (NBS) and S&P, respectively: The NBS PMI came in at 49.3 in July, down from 49.7 in June The S&P PMI –… Read More »

China accelerates fiscal spending in Q2
Beijing opened the fiscal taps in Q2. According to recent data from the finance ministry (MoF), overall fiscal expenditure rose 12.4% y/y over the quarter – marking the fastest pace of growth since Q1 2022. Government-managed fund spending – which… Read More »

Local banking associations slam “involution-style” mortgage rebates
China's anti-involution campaign has reached the banks. Over the past week, multiple local bankers’ associations – self-regulatory groups under the financial regulator (NFRA) – have pledged to crack down on “involution-style competition” in the home mortgage market. At issue: To… Read More »