The #China Macro Doctor series report on Chinese economic performance in July just came out. This is a monthly-based research program on China’s macroeconomic performance led by cf40 senior fellow Zhang Bin. 1/6 mp.weixin.qq.com/s/GblMnfGCBadH… #economics
ON ECONOMIC PERFORMANCE: SMEs still under pressure; growth of industrial value added, consumption and fixed asset #investment all dropped compared with previous period; growth momentum of #export is weak; non-food #CPI continues to decline. 2/6
ON ECONOMIC OPERATION ENVIRONMENT: global #economy continues to slow down; newly added debt of govt, enterprises and households all decreased; short-term liquidity spread between 3-month #SHIBOR and 3-month government bond yield narrowed. 3/6
ON ECONOMIC OUTLOOK: external economy will continue to underperform; domestic aggregate demand remain weak along with ongoing #trade friction;real estate development will be constrained by decreasing housing sales;manufacturing investment can be hindered by low profitability. 4/6
ADVICE: to ensure financing channels for public #infrastructure projects; speed up the construction of infrastructure in super-big cities; ease monetary policy to stop further decline in price; let #ExchangeRate play the role of an “automatic stabilizer”; 5/6
further develop equity financial products like #REITs; promote the development of individual pension account; increase land supply in cities which has net population inflow and promote the normalization of housing policy. 6/6
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