The view that policy support is best directed towards investment rather than consumption is deeply rooted in China. A few token consumer voucher schemes aside, this doesn’t seem to be changing.

The State Council has expanded on its call for policy support for the economy to be stepped up. But nothing has been done about the funding strains faced by local governments who bear much of the...

While it has rebounded over the past couple of weeks, we expect the renminbi to resume its fall against the US dollar as China’s economy underwhelms, interest rate differentials continue to shift...

Soaring inventories of finished goods in China suggest that, contrary to most expectations, recent lockdowns are likely to prove disinflationary domestically. The glut of supply in China is likely to...