China’s economic indicators likely weakened further in November due to Covid outbreaks – Citic Securities

 

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As Covid outbreaks expanded and deteriorated in November, China’s economic operation is under significant pressure, said Citic Securities in a note.

Industrial output growth is expected to have slowed to 2.9% in November, consumption likley declined at a faster pace, investment growth likely remain steady, pick up slightly, and exports likely entered a downward trend, with declines accelerating, it said. 

Price levels likely declined further in November and due to sluggish credit demand, new bank loans and overall credit indicators likely weakened from the previous month, the broker said

The current economic performance is closely related to the Covid outbreaks and epidemic control measures and “we expect the authority to release positive signals in key meetings in December to ensure steady economic operation in early 2023,” it said.