Via Bloomberg comes this piece on "China’s economy isn’t as bad as the prevailing mood suggests and growth is moving in the right direction as consumer spending picks up, according to an official at the British Chamber of Commerce in China."
- While the recovery has slowed, “I don’t actually buy the notion that the Chinese economy is in serious systemic trouble,”
- “Sitting here in Beijing and traveling around China, I’m seeing more consumer spend,” he said. “We feel things are going in the right direction.”
Bloomberg is gated, but the above quotes are the gist of the brief article.
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Signals from China's economy are not all horrible, these two posts from earlier this week offering up some reasons to be less pessimistic:
- Oil - China weekly flights are 13% above pre-COVID levels
- In H1 of 2023 Chinese auto exports were up 75.7% y/y
