Inside China’s hard landing

Tuesday 19 October 2021

China’s hard landing has arrived. Here is some more texture from yesterday’s poor figures. First, Nordea:

China’s GDP growth slowed more than expected to 0.2% q/q and 4.9% y/y in July-September. Despite the weak numbers in Q3, the base effect implied that China’s GDP was up by 9.8% y/y in the first nine months of the year and the country is well on track in meeting the official 6% growth target in 2021. However, the reasons behind the weak development are not expected to disappear any time soon and there are a lot of downside risks to the growth forecasts for 2022.

China’s Q3 numbers in a nutshell:

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.