The official and Caixin PMIs have moved in opposite directions recently. But taken together, they point to some improvement in economic momentum in December thanks to gains in services and construction. And if previous months are any guide, the surveys may be understating the recovery – the hard data showed a more pronounced rebound in October and November. And with policy tailwinds supportive at the start of 2024, we think growth will continue to regain some vigour over the next quarter or two.
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