China’s economy at a glance – September
Short term disruptions add some uncertainty to extent of China’s economic slowdown. China’s 2014 GDP was revised lower in September – with growth down to 7.3% (compared with 7.4% previously) – due to weaker growth in services.
Short term disruptions add some uncertainty to extent of China’s economic slowdown
- Weak production and import numbers continue to suggest slowing conditions in the industrial sector, however this signal was less clear in August, due to disruptions related to the Tianjin port explosion and industrial shutdowns ahead of the World War 2 anniversary military parade in Beijing. Next month’s data should provide a better indicator of underlying conditions.
- China’s 2014 GDP was revised lower in September – with growth down to 7.3% (compared with 7.4% previously) – due to weaker growth in services.
- China’s industrial production growth remained weak in August – at 6.1% yoy (up marginally from 6.0% last month).
- Growth in fixed asset investment slowed further in August – down to 9.2% yoy (from 10.3% previously) – the lowest rate of growth since December 2012.
- A sharp drop in imports led to another widening in China’s trade surplus in August – out to US$60.2 billion (from US$43 billion in July). This level was only marginally below the all time high recorded in February.
- There was a slight increase in headline inflation in August, although the rate remained around the modest trend levels seen over the past eighteen months – with the CPI rising by 2.0% in August (compared with 1.6% in July). Pork prices remain the key influence.
- New credit was stronger in August – almost 13% higher in year-on-year terms. However, it remains around -10% yoy lower over the first eight months of 2015.
For more details, please see attached document
China economy at a glance – 13th September 2015 (PDF, 667KB)
About the Author
Gerard has over a decade of experience as a professional economist, currently specialising in international economic research. He is responsible for monitoring and forecasting trends in emerging Asian economies, with a particular emphasis on China. He is also a member of the bank’s commodities research team, focusing on trends in iron ore and coal markets.
Gerard joined NAB in 2005, and previously focused on risk analysis across a range of industry sectors in Australia and abroad. He had particular expertise in areas such as Mining, Manufacturing, Healthcare and Retail, including the development of research into online retail sales. Prior to joining NAB, he was an economist with the Australian Bureau of Agricultural and Resource Economics, focusing on commodities and energy research.
He holds Bachelors degrees in Economics (with Honours) and Commerce from the Australian National University.
