Chinese still depressed about property


Goldman on the PBoC surveys.

In late March, PBOC released its Q3 and Q4 surveys which were supposed to be available to the public at the end of September and December last year, respectively. We summarize our key takeawaysfrom these surveysbelow.PBOC bankers’ survey suggests loan demand rose in Q4 and bankers expect less accommodative monetary policy in the next quarter. The survey of 5,000 enterprises suggests business conditions improved in Q4 2023, with domestic and overseas order sub-indices both rising. Urban depositors reported higher willingness to consume, lower inflation expectations, and still depressed sentiment towards property prices in Q4 2023.

Survey of 5,000 enterprises: General business conditions: 50.2 in Q4 2023 vs. 49.2 in Q3 2023

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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.