CHINA
Snapshot
Manufacturing showed resilience at the outset of 2012, with PMI improving marginally in January. On the other hand, exports and imports contracted for the first time since November 2009. Moreover, new yuan loans and credit growth were unexpectedly low in January despite authorities’ pledges to ease credit conditions. That said, January-February data are typically distorted by the Chinese Lunar New Year holidays. Meanwhile, the National People’s Congress is set to begin its annual meeting on 5 March, which is expected to establish the economic targets for this year.
Forecasts
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