August’s better domestic demand was matched by worse property prices

CHINA FINANCIAL - Report 19 Sep 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. Output growth continues to be weak in spite of aggressive supply-side measures, while the growth in consumption has further stagnated. This is exacerbated by the continued slowdown in the property sector.

* Problems in the property sector combined with slower growth and higher costs are putting intense pressure on local governments, especially those with weaker economies and more debt. This is forcing them to respond in ways that are likely to exacerbate any continued slowdown in the economy.

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