China Growth Tacker – Growth Momentum Levelling Off
We recently published a note on how to track Chinese growth in real-time using financial and commodity market prices. In these weekly reports, we will update the indicator to help us track growth. The latest data shows:
Our overall short-term growth tracker is down for a second week, but remains within a high historical range (Chart 1). We like to focus on this measure as it tends to drive investor expectations.
This week we’ve added Chinese freight rail traffic and import data to the tracker (Chart 2). Three-month changes are moving in a positive direction, underpinning the strong short-run growth performance we have seen in recent months.