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Official GDP growth in Q4 beat market expectations. Some sectors achieved growth notably higher than pre-COVID levels: exports, industrial production, and manufacturing investment. Strong export demand for industrial goods lifted Chinese Industrial Production to a high not seen since early 2018. And yet, China’s recovery remains severely unbalanced. Consumption growth is significantly lagging industrial production; and small business recovery is significantly lagging the large corporate sector.
February 26, 2021 | Publication
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