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Chinese economy is absolutely somewhat improving, but the recovery is kind of mixed picture, given corporate profits are still lagging and consumer sentiment is still at subdued levels.
Official data showed China’s industrial profits slipped in the opening months of the year, as enterprises navigate persistent deflationary pressure and rising global trade tensions.
Profits at major industrial firms dipped 0.3% in the first two months this year, after three consecutive years of sharp declines, supported by improved profitability in manufacturing and raw material sectors.
In December, profits rebounded 11% year on year, snapping four consecutive months of declines, signaling Beijing’s stimulus measures since late September have been trickling through the economy though the latest data clouds the picture.
Beijing has set an ambitious growth target of “around 5%” for this year, which is a target that will require stronger stimulus measures to offset the impact from higher U.S. tariffs. U.S. President Donald Trump has imposed 20% additional tariffs on Chinese goods since he took office. He also announced auto tariffs of 25% on cars “not made in the U.S.,” starting April 2. The massive tariffs implemented by Trump administration reflect the operating challenges facing Chinese businesses still persist amid even more tough external environment. Chinese policymakers has rolled out multiple rounds of stimulus measures in the second half of last year, including expanding a consumer goods trade-in program to boost demand that helped the country meet its official growth target of “around 5%.” Facing more headwinds from external, Beijing should take more aggressive measures to push economy, including boosting sentiment and demand substantially, rather than adopting wait-and-see mode which will inevitably miss the best opportunity.Complete digital access to quality Glebors financial topic with expert analysis from industry leaders.
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