China economic focus April 2023: a lacklustre recovery for industry

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The industry sector and related commodity demand had a weak Q1 despite solid GDP growth. A strong industrial production rebound could be delayed to H2. Consumers’ preference for service over goods could last till May. Producers prioritise destocking over ramping up production. Exports could remain a negative factor for the industrial sector and commodity markets in 2023. External demand moved back up the supply chain, limiting the growth of the high-value-add sectors.

Table of contents

  • Highlights
  • Commodity demand did not experience a strong rebound
  • Consumers and companies reserve demand for goods
  • The destocking cycle delays the recovery of production
  • External demand moves back up the value chain
  • Appendix

Tables and charts

This report includes 14 images and tables including:

  • Total operated domestic flights
  • Passive stocking of the manufacturing sector
  • The pace of destocking varied across industries
  • Export growth by region, Q1 2023
  • Export growth by product, Q1 2023
  • Manufacturing PMI
  • IP and retail sales
  • Trade
  • Inflation
  • Property
  • Investment
  • Money supply (M2)
  • Required reserve ratio

What's included

This report contains:

  • Document

    China economic focus April 2023: a lacklustre recovery for industry

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