(Bloomberg) -- China’s economy likely continued to show signs of improvement in April, buoying the outlook for recovery as policymakers ramped up support...
-- China’s economy likely continued to show signs of improvement in April, buoying the outlook for recovery as policymakers ramped up support.China Considers Government Buying of Unsold Homes to Save Property Market
“It is a gradual recovery,” said Michelle Lam, an economist at Societe Generale SA. The bank upgraded its forecast for China’s growth this year to 5% after positive data in the first quarter. Investors are waiting to see what new policies will be announced for the property sector, but “it could mean stabilization earlier than thought,” she said.Industrial output is set to rise 5.5% in April from a year earlier, according to a median forecast by economists in a Bloomberg survey.
To spur demand, the government rolled out a program to encourage households and businesses to upgrade their old machinery and home goods. Cars are at the center of this plan, with the central government providing as much as 10,000 yuan in one-time subsidies for individuals replacing their vehicles. But property investment could have tumbled 9.7% in the first four months, worse than the drop of 9.5% in January-March. The country’s biggest developers have been under pressure after a persistent slump in home sales, leaving the companies with little confidence or means to expand.
This could prompt the government to ease monetary policy to ensure ample liquidity for the bond sales and prevent disruptions to the financial system. -- The euro-area economy is still headed for a soft landing, with inflation backpedaling more quickly than previously expected and growth picking up through next year, according to the European Commission.
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