Official GDP growth picked up in Q3, but the improvement masks a further weakening in domestic demand. The detailed breakdown suggests that last quarter’s rebound was driven entirely by net exports, while even the AI-related boost to growth is becoming increasingly dependent on foreign demand. Reinforcing this concern, our China Activity Proxy (CAP) points to an even sharper slowdown in domestic demand than the official figures imply.
Subscriber content
Read this in full, free
Start a free trial and use one of your 10 free starter credits to unlock this piece.