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China+ Publications

Below is a list of our China+ Publications for the last 6 months. If you are looking for reports older than 6 months please email info@pantheonmacro.com, or contact your account rep

Please use the filters on the right to search for a specific date or topic.

China+ Datanote: Flash PMI, Japan, April

Export orders plunge amid tariff chaos

Duncan WrigleyChina+

23 April 2025 China+ Monitor China likely to boost flagging property-market recovery

  • China’s Q1 GDP growth relied heavily on net exports, highlighting the need to boost domestic demand.
  • But new residential-property sales have waned this year, notably in oversupplied markets.
  • Policymakers will prioritise job creation by supporting consumer services and construction.

Duncan WrigleyChina+

22 April 2025 China+ Monitor China's strategic pivot to ASEAN in the face of tariff pressures

  • President Xi concluded his tour of South-East Asian countries to push economic co-operation.
  • China is leveraging on its large market in the face of worries over second-order retaliatory measures.
  • China has appointed trade veteran Li as its new chief negotiator, signalling a readiness to talk.

Kelvin Lam (Senior China+ Economist)China+

CHINA+ DATA WRAP 16 April 2025: China's Q1 GDP boosted by lingering stimulus

China’s Q1 GDP growth was boosted by demand stimulus and export front-loading pre-tariff turmoil

Duncan WrigleyChina+

17 April 2025 China+ Monitor China was already slowing in Q1, ahead of the trade war

  • China’s Q1 growth was already cooling from the Q4 high; hence March’s additional fiscal stimulus.
  • Front-loading effects also boosted March exports and industrial output, but this should prove fleeting.
  • China will need to stoke domestic demand further, as exports risk hitting a wall in the coming quarters.

Duncan WrigleyChina+

16 April 2025 China+ Monitor China's private-firm sentiment near two-year high pre-tariff storm

  • The March CKGSB index reports reviving Chinese business confidence, despite the imminent trade war.
  • Funding conditions have improved thanks to policy support, though profits are under pressure.
  • Robust government-bond issuance lifted broad credit growth in March; M1’s rise is somewhat encouraging.

Duncan WrigleyChina+

15 April 2025 China+ Monitor China's exports rebound, but tariff cloud still looms over electronics

  • China’s export growth bounced back in March, due to a pick-up in activity after the Lunar New Year holiday.
  • The increase in shipments was particularly strong to traditional markets, the G7 and the EU.
  • President Trump’s postponement of tariffs on electronic goods gives Chinese exports a breather.

Kelvin Lam (Senior China+ Economist)China+

China+ Datanote: Money & Credit, China, March

Government bond issuance still taking centre stage, with modest uptick in household loans 

Duncan WrigleyChina+

14 April 2025 China+ Monitor Ready for a ceasefire? China to step back from tariff tit-for-tat

  • China acted as the adult in the room on Friday, saying it will not match any further US tariff hikes.
  • This is hopefully the escalation off-ramp, paving the way for bilateral talks, probably in several months.
  • Still, tariffs will likely remain high, hurting exports, worsening excess supply and so prolonging deflation.

Duncan WrigleyChina+

11 April 2025 China+ Monitor Beyond tit-for-tat tariffs: what Xi's China is really fighting for

  • China is unlikely to back down openly because of Mr. Xi’s personality and the country’s historical context.
  • The State Council published a white paper outlining the official stance on Sino-US trade frictions.
  • China will need to worry about second-order retaliation from the US via Vietnam and Mexico.

Kelvin Lam (Senior China+ Economist)China+

10 April 2025 China+ Monitor No sign of the off-ramp yet; both US and China escalate to de-escalate

  • Both the US and China seem to have dug in, making a short-term cessation of trade-war hostilities unlikely.
  • More escalation is likely on the cards, but this could be the crisis that prompts China to boost consumption.
  • The PBoC has started allowing RMB depreciation as part of the response, but it must tread carefully.

Duncan WrigleyChina+

8 April 2025 China+ Monitor Who will blink first? US-China stand-off continues

  • Both China and the US are posturing as the trade war escalates and markets plunge.
  • China’s National Team appears to be intervening, with limited success, to soften the A-share market dive.
  • The PBoC is likely to cut the RRR soon to boost confidence; government-bond issuance will speed up

Duncan WrigleyChina+

CHINA+ DATA WRAP 7 April 2025: China's reserves ex valuation effects fell

China's foreign reserves excluding valuation effects fell
Japan's real wage decline hurts consumption

Duncan WrigleyChina+

7 April 2025 China+ Monitor China's brinkmanship with the US likely aimed at forcing start of talks

  • China’s all-out response on Friday to US tariff hikes is likely intended to get US-China talks going soon.
  • We have cut our 2025 Japan GDP forecast by 0.2pp to 0.8%, due to the US tariff hikes announced last week.
  • The BoJ is even more likely to hold fast on May 1, waiting for clarity, as Japan presses for lower tariffs.

Duncan WrigleyChina+

CHINA+ DATA WRAP 3 April 2025: China's response to US tariff hike

China likely to step up fiscal and monetary policy support, allow weaker RMB, in response to hefty US tariff hike; 
Caixin services activity rises

Duncan WrigleyChina+

4 April 2025 China+ Monitor China has options, albeit limited, to counter the steep US tariff hike

  • China will seek to prop up domestic demand in response to the US tariff hikes…
  • …But this won’t mitigate the hit to growth fully, so we cut our 2025 GDP growth forecast by 0.4pp, to 4.0%.
  • Serious trade talks are likely to get underway soon, but the US is unlikely to roll back the tariff hikes fully.

Duncan WrigleyChina+

2 April 2025 China+ Monitor Korean export uptick unlikely to be sustained amid trade risks

  • Korean export growth accelerated in March, but due to post-holiday effects and front-loading or orders.
  • The manufacturing PMI slipped in March, despite a robust new export order reading.
  • Firms are worried about tariff hikes and political risks, with the impeachment ruling due on Friday.

Duncan WrigleyChina+

1 April 2025 China+ Monitor China's PMIs point to sustained stimulus lift, but the trade war looms

  • China’s official March PMIs showed lasting, though waning, stimulus support for activity.
  • The manufacturing index is still above 50, but sentiment slipped ahead of likely US tariff hikes today.
  • Construction new orders dived, raising questions about local-government investment activity.

Duncan WrigleyChina+

China+ Datanote: Official Manufacturing PMI, China, March

China's manufacturing PMI nudges up, but sentiment ebbs

Duncan WrigleyChina+

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