More mixed data in March

CHINA FINANCIAL - Report 21 Apr 2025 by Michael Pettis

Special points to highlight in this report:

- The property sector in top-tier cities may be close to bottoming out, although this is still far from the case in the rest of China.

- Growth in March came in much stronger than expected, and drove first-quarter growth also above expectations, but the composition of the growth is as unbalanced as always. Supply-side data did very well while demand-side data lagged more than ever.

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