Strong overseas demand for Chinese goods, which has helped to offset some of the damage from Covid lockdowns on domestic spending, weakened sharply in August. South Korean exports, a leading indicator for global trade, barely grew in the first 20 days of this month from a year earlier.
Growth in car sales was also much slower than in July, another indication of weak domestic demand. Premier Li Keqiang promised last week to maintain preferential policies that are designed to boost sales and stimulate demand for cleaner cars as part of efforts to support the development of the electric vehicle industry.
New economic headwinds this month, including a power crunch and Covid flareups, have hurt business confidence, especially among smaller firms. Standard Chartered Plc’s survey of more than 500 smaller companies showed confidence slipped in August as production activity “slowed significantly,” new orders weakened, and bank financing costs picked up.
- Major onshore stocks - CSI 300 index of A-share stocks listed in Shanghai or Shenzhen (through market close on 25th of the month).
- Total floor area of home sales in China’s four Tier-1 cities (Beijing, Shanghai, Guangzhou and Shenzhen).
- Inventory of steel rebar, used for reinforcing in construction (in 10,000 metric tons). Falling inventory is a sign of rising demand.
- Copper prices - Spot price for refined copper in Shanghai market (yuan/metric ton).
- South Korean exports - South Korean exports in the first 20 days of each month (year-on-year change).
- Factory inflation tracker - Bloomberg Economics-created tracker for Chinese producer prices (year-on-year change).
- Small and medium-sized business confidence - Survey of companies conducted by Standard Chartered.
- Passenger car sales - Monthly result calculated from the weekly average sales data released by the China Passenger Car Association.
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