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China economic focus May 2023: a recovery without inflation

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China’s inflation will remain low in 2023 as the country is facing an oversupply amid its economic recovery. The Chinese government has directed much of its pandemic support to the supply side. As a result, the supply chain in China recovered and expanded even before the country ended its ‘Zero Covid’ policy. China’s pent-up demand will be weaker and shorter than the US experience. Households hold a smaller amount of excess savings and consumer confidence is taking longer to restore.

Table of contents

  • Highlights
  • Falling consumer price inflation (CPI)
  • China will have a weaker and shorter period of pent-up demand
  • Appendix

Tables and charts

This report includes 15 images and tables including:

  • CPI and PPI
  • CPI by sector in April
  • Quarterly income and consumption
  • Quarterly saving
  • Excess saving and pent-up demand, US vs. China
  • Consumer confidence restored slowly in China
  • 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 May 2023: a recovery without inflation

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