China’s economy showed some limited signs of recovery in March, as industrial production partially recovered from the record fall in February. However, early indicators for April suggest that this momentum was not continued. As we noted last month, the increase in industrial supply could struggle to find adequate demand – with consumers in China cautious during the early recovery period from the COVID-19 shutdown, while export markets are constrained by their own measures to limit the COVID-19 spread.

For further details, please see the China Economic Update – May 2020