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The significantly better-than-expected export growth boosted by coronavirus-related product shipments, together with a volume expansion while total value dipping import growth helped to maintain the growth momentum extending in 2H 2020.
The July Politburo meeting emphasized the importance of the domestic market for Chinese economy amid COVID-19 pandemic. In addition, the meeting also confirmed that the stimulus policy will be gradually normalized with ongoing rollout of targeted fiscal stimulus and more conservative monetary policy stance.
Chinese economy is undergoing a V-shape recovery, with Q2 GDP increased significantly from -6.8% y/y in Q1 to 3.2%. Meanwhile, the recovery is still unbalanced as the pickup of the supply side appears much faster than that of the demand side. The recovery tends to make the 2H policy stimulus more conservative.
The Asian giant's effectiveness in containing COVID-19 infections has borne fruit and economic activity began regaining strength during the second quarter, partly owing to the fiscal and monetary stimuli implemented by the authorities.
This report analyzes the ways to finance this round of fiscal stimulus package and responds to the recent debate of fiscal deficit monetization. The report also makes policy suggestions to maintain Chinese public debt level and financial stability in the long term.
This report identifies which industries are most vulnerable to relocate outside China after COVID-19 based on some typical global value chain indicators and empirical findings. We also gauge the impact of global value chain relocation on China's growth.
On May 22th, in the third session of NPC, Premier Li Keqiang delivered the Government Work Report. The report not only summarized the achievements of China in 2019 but also made a blueprint of every perspective of economic and social development for 2020.
COVID-19 is pushing the world economy toward a deep recession that could endure in the long-term. To support the economy, the Chinese authorities have approved various fiscal and monetary policy tools that are suited to the current circumstances.