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’s broad credit growth rose in February, on the back of strong government-bond issuance.
- The budgeted expansion of fiscal stimulus this year should sustain vigorous government borrowing.
- Private-sector credit demand is likely to revive gradually, given the haz y property market outlook.
Duncan WrigleyChina+
- Japan’s Q4 growth was lifted by net exports, while domestic demand was insipid.
- People are curbing discretionary spending in the face of red-hot food inflation and weak real wage growth.
- Headline GDP growth should fall in Q1 as exports slow, despite robust inbound Chinese tourism.
Duncan WrigleyChina+
- China’s CPI fell more than the market expected, dragged down by weak food and services inflation.
- PPI deflation eased slightly; NDRC announced a cut to steel production and measures to curb ‘Nei Juan’.
- Japan’s full-time regular base pay growth hit a 32-year high, giving the BoJ confidence to normalise rates.
Kelvin Lam (Senior China+ Economist)China+
- The February CKGSB business conditions index surged to the highest since May 2023.
- Private firms are cheered by policy signals such as President Xi’s meeting and the Q4 stimulus impact.
- But they still expect deflation over the next six months; China’s reflation strategy is mainly to boost demand.
Duncan WrigleyChina+
China's steps up fiscal support in a measured fashion; room for further easing
Caixin services activity improves
Duncan WrigleyChina+
- Premier Li yesterday announced additional stimulus equivalent to 1.7% of GDP, to bolster growth.
- The disappointing funding amount for consumer subsidies can be boosted to offset slowing exports.
- Government land and property inventory purchases should moderately speed up the real estate recovery.
Duncan WrigleyChina+
Korean manufacturing sentiment dented by sagging US and European orders
Duncan WrigleyChina+
- China has retaliated to US tariffs with its own tariffs on American agricultural products, and company bans.
- Korean WDA exports reversed trend and fell in February, due to weaker demand for semiconductors.
- Korea’s low-end chip production is facing intense competition from China, leading to falling unit prices.
Kelvin Lam (Senior China+ Economist)China+
Manufacturing sentiment rebounds, despite the brewing trade war
Duncan WrigleyChina+
Caixin PMI shows manufacturing sentiment rebound, despite the brewing trade war
Duncan WrigleyChina+
- China’s February PMIs point to a post-holiday activity bounce, but also improved sentiment.
- Sentiment in the manufacturing sector revived, thanks to expectations of stronger demand.
- The construction PMI rose on the back of infrastructure project construction work.
Duncan WrigleyChina+
Post-holiday activity rebound, but firms still wary ahead of the Two Sessions and tariff hikes
Duncan WrigleyChina+
Construction activity rebound looks mainly seasonal; too soon to say if a real infrastructure push is coming
Duncan WrigleyChina+
Outlook still gloomy, after sifting through the holiday data distortions
Duncan WrigleyChina+
Tokyo headline inflation slows as energy subsidies restart; BoJ to stick to policy normalisation path
Duncan WrigleyChina+
Tokyo headline inflation slows as energy subsidies restart; BoJ to stick to policy normalisation path
Duncan WrigleyChina+
- China’s Politburo meeting on Friday signalled a ‘steady as she goes’ approach to economic policy.
- Tokyo consumer inflation fell in February, as energy subsidies brought down energy inflation.
- Fresh food inflation cooled due to seasonal factors, but overall food inflation is likely to pick up in H1.
Duncan WrigleyChina+
- China’s technology & manufacturing policy will take centre stage at the Two Sessions next week.
- Targeted consumption support will be ramped up; no big handout, but fiscal transfers should be supportive.
- The bank recapitalisation provides ammunition for mid-year stimulus, to mitigate the trade war impact.
Duncan WrigleyChina+
Governor Rhee signals one or two additional rate cuts this year after BoK's easing move today
Duncan WrigleyChina+
Governor Rhee signals one or two additional rate cuts this year after BoK's easing move today
Duncan WrigleyChina+
