There were some notable inconsistencies in China’s national accounts data in Q3, adding to the uncertainty around the direction of China’s economy. The volatility triggered by COVID-19 and China’s policy responses to the pandemic has made the analysis of the country’s economy more challenging in recent times. While it appears that China’s growth recovered in Q3, it is not apparent that this momentum will be maintained, and we continue to expect a softer growth profile in 2024.

For further details, please see the China Economic Update (November 2023)