China blows new housing bubble to grow at all

Thursday 16 July 2020

Chinese data for June is out and is exactly as expected. Quarterly GDP snapped back 9.6% to deliver 3.2% GDP on the year:

Internals for the June month continued the recent pattern. Industrial production is rebounding fast at 4.8% year on year and -1.3% YTD. Fixed asset investment is down -3.1% YTD and retail is a disaster at -1.8% year on year and -11.4% YTD:

Turning to realty, prices are off and running at 0.6% for June, 4.9% for the year and climbing:

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.