The media and research reports are full of bull about a Chinese construction recovery that is just not happening. Finally, yesterday, Bloomie broke the spell:
A widely-anticipated push by China’s government to boost construction in order to stabilize growth in the world’s second-largest economy has yet to materialize, a blow to hopes that Chinese stimulus would lift global growth early on this year.
The Communist Party has made its stimulus goals clear in recent months, pledging to “front-load” pro-growth policies in 2022, pushing early sales of bonds to fund investment and easing curbs on financing for the property sector. The Politburo, the party’s top decision-making body, suggested more support could be on the cards, saying Friday that economic policies will be strengthened this year.
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