Logo 17 Apr 2026

Macro Wrap | China’s Q1 GDP data: The cracks are deepening

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To read this macro wrap as a PDF, click here. China's economy grew 5.0% y/y in Q1 2026 – a solid headline that will give Beijing some comfort. But the underlying picture is more sobering: Industrial activity slowed, consumption remains in the doldrums, and the Iran war has ended China's deflationary...