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Video: The State Of China's Stimulus

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Video: The State Of China's Stimulus

Christopher Beddor
24 Oct 2024
Since the Chinese Politburo’s pivot towards stimulus in late September, almost every one of the government’s major economic agencies has held a press conference on the measures it is taking to support growth. In this interview, Christopher assesses the likely impact of initiatives to bail out local governments, recapitalize banks, encourage property sales, support demand and juice up the equity market. And he tells us what to watch out for next.
The Robotics Boom Consolidates

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The Robotics Boom Consolidates

Tilly Zhang, Thomas Gatley
23 Oct 2024
China’s manufacturing boom has taken its demand for industrial robots, already the largest in the world, to a new level. Yet the expansion of supply from the domestic industry in response has been even bigger. A saturated market is now pushing the robotics boom into a new phase, with government priorities and corporate strategies turning from rapid expansion to consolidation.

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The Politics Of The Stimulus Pivot

Christopher Beddor
21 Oct 2024
Since China’s reopening from the pandemic, the same movie has played again and again: the government announces a pivot to a more growth-favorable policy stance, only for implementation to underwhelm and markets to fizzle. But Christopher argues that the current political rhetoric and signaling are in fact different, and provide reason to think this pivot will be for real.

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Looking To Fiscal Stimulus

Wei He, Dragonomics Team
18 Oct 2024
China’s economic indicators for September finally beat market expectations after a long series of misses, but the growth picture did not improve. Wei and the Dragonomics team argue that while all eyes are now on an expected fiscal package, the support will probably take several months to generate a substantial economic turnaround.

Featured report

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The Promise And Peril Of Industrial Policy

Thomas Gatley
21 Aug 2024
Many wonder why China’s government is not doing more to stimulate growth. One reason may be that from Beijing’s perspective, industrial policy is working. In this chartbook, Thomas examines the data: corporate earnings improved in 2023, new funding is going mainly to tech-intensive manufacturing and capital is increasingly flowing to the highest-return firms, who also do most new capex and R&D. But this apparently successful industrial policy comes with significant costs.

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Webinar: Testing The Reflation Hypothesis
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Anatole Kaletsky, Louis-Vincent Gave, Charles Gave
The Channels For Consumption Stimulus
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Ernan Cui
The Fiscal Strategy Emerges
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Wei He
The Case For Monetary Policy
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Andrew Batson
Officials Decline To Fuel The Market Fire
Wei He, Thomas Gatley
Webinar: What Chinese Stimulus Means For China And The World
Arthur Kroeber, Andrew Batson, Louis-Vincent Gave
A Reset For The Big Banks
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Xiaoxi Zhang
London Conference, September 2024
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Research Team, Dragonomics Team

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Securing The Western Frontier

Tom Miller
16 Dec 2021
China looks like a winner from the US withdrawal from Afghanistan, now free to tighten its grip on Central Asia. In this DeepChina report, Tom explains the complex reality of the latest round of the "great game." China is getting closer to Russia, skeptical of Afghanistan and Pakistan, and consolidating its economic hold on Turkmenistan.

Stocks

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A User's Guide To The Chinese Stock Market

Thomas Gatley
2 Apr 2019
China’s onshore equity markets are now large and accessible enough that they can no longer be ignored by foreign investors—but idiosyncratic enough that they are hard to understand. This in-depth DeepChina report explains the fundamentals: What is there to invest in? Who owns the market? How can foreigners invest? How is the market regulated?

Bonds

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A User's Guide To The Chinese Bond Market

Wei He, Xiaoxi Zhang
30 Jun 2021
The expansion and opening of China’s onshore renminbi bond market is one of the biggest changes to the structure of global financial markets in recent years, one that investors are still grappling with. In this comprehensive 30-page DeepChina report, our analysts present a guide to the nature and functioning of this important market.

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Behind The Incredible Export Boom

Thomas Gatley
Chinese export growth ostensibly continues to outpace the rest of the world this year, but Thomas believes this could in part be due to misleading data. Exporters have been incentivized to reduce their under-invoicing, which has in turn materially inflated China’s export growth over the past three years.

Managing Covid

The Chinese Consumer In 2023
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The Invisible Second Wave
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Shanghai Seminar — April 2023
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The Reopening Recovery Is On Track
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Macro Update: Reversal, Reopening, Recovery
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Webinar: China’s Covid Surge And The Reopening Rally
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