; the expansion was 2.9 per cent in October to December 2022, when China finally joined the rest of the world and abruptly ended harsh COVID-19 restrictions.
The world’s second-largest economy won’t get much help from abroad. China is finding its feet just as, thanks to constraints in credit after the collapse of some regional banks and the effects of rapid monetary tightening by the Federal Reserve. There were high hopes that this expansion would quickly take off after three years of pandemic restrictions were dismantled. In an ideal world, Beijing would manage to do so without the jump in inflation that’s been so harmful elsewhere.
That, in turn, has led to calls for a cut in interest rates to support the recovery. Remember that for all the talk of a coming pause in rate hikes in the US, the United Kingdom and the euro zone, their central bankers Jay Powell, Andrew Bailey and Christine Lagarde are miles away from easing borrowing costs.on business and social life. When the global economy began softening last year, China’s absence from the plus-side of the ledger was notable.
LVMH was a leading indicator for one important piece of the picture - its shares rose to a record last week after China powered sales in the first quarter. The Paris-based luxury giant declared itself over the moon about China, while noting a slowdown in its American business. Hermes also reported brisk spending.
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