China | Growth dip came at an inconvenient time

A batch of April economic indicators are announced today, together with previously released trade and credit data, suggesting that the risk of growth deceleration looms large even before the escalation of US-China trade war in early May.

Key points

• Key points:
• We anticipate more monetary and fiscal easing measures to be deployed in the rest of the year in a bid to sustain growth momentum and offset intensifying headwinds from deteriorating trade relation.
• In our base scenario, China and the US will sort out the current quandary in this summer to avert the long-term confrontation.

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