Chart of the week
Year on year, China’s economy grew 4.9% in the third quarter, following second-quarter growth of 3.2% and an unprecedented fall of 6.8% in the first. These figures take Chinese growth for the first three quarters to 0.7% year-on-year.
The economic recovery in China continues and September’s statistics indicated buoyant momentum in the run-up to quarter four. According to the GDP breakdown, investment was the primary growth driver and a gradual shift towards consumer spending, which has now turned positive, is underway.
Barring the unforeseeable, Chinese growth should be positive this year and close to 2%. Although this is a clear slowdown compared to 2019, it is quite a performance when compared to other major developed countries where growth will be deeply negative.
See also : https://latribune.lazardfreresgestion.fr/en/united-states-resilient-retail-sales-despite-reduced-support/
The opinion expressed above is dated 22th October 2020 and is liable to change.
This document is not pre-contractual or contractual in nature. It is provided for information purposes. The analyses and descriptions contained in this document shall not be interpreted as being advice or recommendations on the part of Lazard Frères Gestion SAS. This document does not constitute an offer or invitation to purchase or sell, nor an encouragement to invest. This document is the intellectual property of Lazard Frères Gestion SAS. LAZARD FRERES GESTION – a simplified joint stock company with share capital of €14,487,500 – Paris Trade and Companies Registry No. 352 213 599. 25, RUE DE COURCELLES – 75008 PARIS, FRANCE