The Chinese are depressed

Tuesday 4 March 2025

Why wouldn’t they be, living through a depression that cannot be named? Goldman.

Slightly more sanguine on China macro and market outlooks, but more concerned on the US growth outlook

Thanks to the latest DeepSeek and Artificial Intelligence (AI) related developments, some green shoots in the property sector (e.g., home sales and prices in large cities), and more friendly policy gestures towards the private entrepreneurs, onshore clients turned slightly more sanguine on China macro and market outlooks for this year, based on our latest conversations with them.

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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.