August data shows a still-struggling economy

CHINA FINANCIAL - Report 19 Aug 2022 by Michael Pettis

Special points to highlight in this issue:

* The data releases this week and last week reaffirm the story of the past several months: the supply side of the economy is recovering slowly, thanks to aggressive fiscal and monetary support, while the demand side continues to struggle.

* The PBoC cut interest rates on Monday and may do so again next Monday. These cuts are unlikely to have much effect on the economy and probably reflect the need for monetary authorities to be seen doing something.

Now read on...

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