China economic focus July 2022: how will China finance its recovery?

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China’s GDP growth slowed to 0.4% year-on-year in the second quarter. With large-scale lockdowns coming to an end in June and China relaxing its travel restrictions, fostering a quick recovery has become the country’s priority. China needs to pull up both investment and consumption to achieve the kind of speedy recovery seen in H2 2020. However, our analysis shows that China faces some financial challenges to support its recovery fully.

Table of contents

  • Highlights
  • Divergence in investment
  • Off-balance-sheet funding for infrastructure
  • Money flows into clean energy sectors
  • Local government struggles to finance consumption stimulus
  • Appendix

Tables and charts

This report includes 15 images and tables including:

  • Private investment depressed in H1 2022
  • Fixed asset investment in railway has been declining since 2019
  • Annual capex deployment for power generation by technology in China
  • Total government revenue and spending
  • Local government revenue and spending
  • Changes in key government revenue items
  • Wood Mackenzie’s proprietary China data
  • 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 July 2022: how will China finance its recovery?

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