China crash lands on impossible trinity

Tuesday, 19 April 2022

As expected, Chinese data is holding up OK on the usual CCP data massaging, but under the bonnet, the economy has crash-landed.

Growth for the March quarter came in at 1.3% and YoY at 4.8%. Both were far ahead of expectations:

The March activity data tells the truth. Industrial output was 5% YoY, fixed asset investment was 9.3% but retail sales dropped 3.5%. All dropped sharply from February,

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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.