June rantings from the Lunatic:
International Economic Conditions
Members commenced their discussion by noting that growth in the global economy had remained moderate over preceding months. Global trade and manufacturing activity had slowed over the preceding year. Trade tensions had remained elevated, although no new measures had been introduced since the previous meeting.
In China, recent indicators of economic activity suggested that growth had slowed since the March quarter. Growth in industrial production had fallen following a strong reading in March and the level of fixed asset investment had declined. Conditions in the Chinese property market had also softened and underlying demand conditions were expected to moderate over time, given the ageing of the population and a slowing in the rate of urbanisation. Over the preceding month, the Chinese authorities had introduced additional measures to support growth, including more favourable financing conditions for local governments investing in infrastructure projects.
