Even a bad Chinese economy looks pretty good
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Markets opened lower on Monday but rallied once the data came out, as investors in the mainland and in Hong Kong seem willing to bet for a little more stimulus. “This will persist, despite the recent tariff truce,” says Tom Rafferty, the principal China economist at The Economist Intelligence Unit, the business intel division ofmagazine. “Businesses remain skeptical that the two countries will reach a broader trade agreement and recognize that trade tensions may escalate again. Private sector and manufacturing capital expenditure will remain weak,” he predicts.
Pedestrians on the bund in Shanghai, with the Lujiazui Financial District in the background. Lackluster progress on the trade front has largely stalled China’s bull market rally for 2019.It also looks like the value-added tax cuts and payroll tax reductions had a positive impact on the consumer last month. June retail sales grew by 9.8%, beating estimates of 8.5% and beating May’s 8.6% growth rate for China retailers.
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