macro outlook
November 21, 2023

Economic Performances Fell Back, Policy Support Still Needed

Date: November 20, 2023

In October, China's economy may not appear to gain a strong recovery.​ However, a rational look at the situation shows there is some potential amid the current difficulties. Weakness in overseas manufacturing led to a decline in exports, impacting relevant industrial chains. Infrastructure and real estate investments remained weak, while manufacturing investment stayed stable owing to policy support and shifting demands. Supported by holiday promotions and a resurgence in service consumption, overall consumption remained resilient, although certain consumer goods…