Equity Analysis /
China

CN : Industrial - Overall - Jan–Feb 22 macro figures indicate a pick-up in economic activity; but macro uncertainties continue to dampen overall sentiment

    Mark Po
    Mark Po

    Research Analyst

    CGS-CIMB
    25 March 2022
    Published by

    China’s National Bureau of Statistics released the Jan–Feb 22 macro data, which indicated an improvement in economic activity after a gradual slowdown since 3Q21. FAI reported accelerated growth, led by manufacturing FAI, but property FAI remained sluggish. The actual impact of the current lockdowns has yet to be seen. But we maintain the view that the Chinese government will step up to stabilize economic given the unfavorable external environment. The analysis in this report is based on industry and macro figures and may differ from the views of individual analysts, in some cases.