China’s next deck chair goes under
Morgan Stanley with the note. China – More signs of weakening Wage growth has slowed: As it is, aggregate wage growth – proxied by household income– has already slowed to 5.3% on a 2YCAGR basis (to adjust for Covid-related base effects), down from 6.2% in 3Q23 and from 9% pre-Covid (2017-19 average).