The headline GDP figure narrowly missed a Reuters forecast. Red-hot commodity prices are crushing company profit margins. Small and medium firms have underperformed in recent factory surveys amid worries that exports will start to weaken. Even so, the government's focus on supporting corporations, not ordinary consumers, is creating mixed patterns of consumption.
The People’s Bank of China has played a key role in supporting Xi’s effort to keep a check on sectors that pose growing financial risks, such as real estate. It has kept interest rates steady for over a year, and as a result the stock of shadow banking assets fell in the first quarter as regulations tightened, per Moody's.
- China's central bank said on July 9 it would cut the amount of cash banks must hold as reserves, releasing around 1 trillion yuan in long-term liquidity.
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