China economic focus November 2022: removing the two obstacles to growth

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Covid restrictions and a recession in the property sector are the two biggest obstacles to China achieving GDP growth above 5% next year. However, we have seen some changes in government policy to address these two issues. China is preparing to move away from its zero-Covid policy, announcing a new Covid protocol in November. But the current outbreak will still slow economic growth in Q4. In the property market, releasing a robust stimulus package could support a soft landing. Getting stalled projects going again is a priority. But recovery in sales and new starts will happen later in 2023.

Table of contents

  • Highlights
  • Government economists paint a pessimistic outlook for 2023
  • Easing restrictions signal China’s exit from its zero-covid policy
  • Strong stimulus to stabilise the property market
  • Appendix

Tables and charts

This report includes 13 images and tables including:

  • New Covid cases since November
  • Highway mobility has slumped since October
  • Month-on-month change in house prices in major cities
  • The property market remains subdued
  • 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 November 2022: removing the two obstacles to growth

    PDF 1.01 MB