China’s real GDP grew 5% in 2024 thanks to a pickup in Q4, but earnings growth in most sectors was barely above zero.
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The PBOC has continued to control the RMB by capping the fixing rate, but it will face pressure to let it fall more if Trump quickly announces tariffs.
Apple underperformed both the overall market and the premium segment in 2024 after gaining market share in China for the past five years.
Chinese equity markets fell sharply in the first trading day of 2025, after double-digit returns in 2024 ended a multi-year losing streak.
New home sales showed positive growth for the first time since 2021, but retail sales growth slowed much more than expected.
China’s AI companies are under immense financial pressure due to limited funding and rising computational costs.
The central bank may choose to pursue QE in the near future, as China’s interest rate is not much above zero.
Fewer exports to the US and a cheaper valuation may provide a bigger buffer for the RMB than it had in 2018, but the scale of Trump’s tariffs is key.
China’s internet landscape has been undergoing a rapid transformation to one with freer competition and more open collaboration.