According to the China Beige Book, the Chinese economy contracted significantly in the 4th quarter and is unlikely to recover in the 1st quarter
China Beige Book International (CBBI) adapts the methodology of the US Federal Reserve’s “Beige Book”.
- it is a quarterly report
- Using quantitative and qualitative data to track conditions in the Chinese economy
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The company’s latest China Beige Book shows that China’s manufacturing, services and real estate sectors all suffered significant declines in the fourth quarter of 2022, citing the disruptions from Covid-19.
- CBBI says its indexes, which track earnings, sales and employment at manufacturing and services companies, fell in the fourth quarter of 2022 compared to the previous quarter and year-on-year
- Real estate metrics, such as sales and prices, fell to near record lows
- CBBI said China’s GDP is likely to have declined year-on-year in real terms in the fourth quarter and increased by just 2% overall in 2022.
CBBI like:
- “With the ongoing Covid tide, capital expenditure slipping to a 10-quarter low and orders still weak, a meaningful recovery in the first quarter is becoming increasingly unrealistic.”
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