The Chinese economy faces greater downward pressure in Q1 from real estate, heavy industrials, and consumption.
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Leaders have called for more pro-growth policies for 2022 and it has become “a political matter” for officials to stabilize growth.
Guangdong’s provincial government has sent a working group to take control of Evergrande as the developer can no longer repay its debt.
Governments at all levels are providing subsidies to these firms, while Beijing also launched a new stock exchange to help them grow.
Real estate developers are desperate for easing policies amid the deepening slump, but the latest reports and rumors have fallen short.
A-share listed firms posted growing revenue but declining profit in Q3, with service firms performing worse than industrials.
China has experienced a power crunch since September and many provinces rolled out aggressive production cuts.
GDP growth could slide to near 3% in Q4 as President Xi grows more tolerant of a short-term slowdown.
We saw early signs of easing from local governments, but Beijing is unlikely to change stance before December.
The change is part of Beijing’s wider plan to include Macau in its broader counter-sanction regime.