Stock Market Boom Amid a Down Economy

CHINA - Report 19 Jun 2015 by FAN Gang
Executive Summary We believe the growth slowdown has already bottomed out, and think growth will slowly rebound from here. Fixed asset investment rose 10% y/y in May, up 0.6 pps from April, while value added for major industrial firms rose 6.1% y/y, up 0.5 pps from its lowest level in March. Retail sales of consumption goods were up 10.1% y/y in nominal terms, down 0.5 pps from Q1. Exports recovered in May. Though the growth rate was still-2.5% y/y, the decrease was smaller than in March and April. The import situation worsened further, falling -17.6% y/y. We expect exports to recover furth...

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