{"id":10099,"date":"2019-03-04T14:26:50","date_gmt":"2019-03-04T13:26:50","guid":{"rendered":"https:\/\/lazardfreresgestion-tribune.fr\/?p=10099"},"modified":"2019-04-19T09:08:08","modified_gmt":"2019-04-19T08:08:08","slug":"china-greater-emphasis-on-growth","status":"publish","type":"post","link":"https:\/\/latribune.lazardfreresgestion.fr\/en\/china-greater-emphasis-on-growth\/","title":{"rendered":"China: greater emphasis on growth"},"content":{"rendered":"<h1>Chart of the week<\/h1>\n<p>China\u2019s credit figures surged in January, in stark contrast to recent months. Although January is typically a strong month, this upturn has exceeded any seasonal effects. Bank lending was particularly buoyant. The rise took total credit growth to 10.4%, putting a halt to the downturn that started in 2017.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-10100 aligncenter\" src=\"https:\/\/lazardfreresgestion-tribune.com\/wp-content\/uploads\/\/2019\/03\/04032019-9.png\" alt=\"\" width=\"1009\" height=\"524\" srcset=\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2019\/03\/04032019-9.png 1009w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2019\/03\/04032019-9-300x156.png 300w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2019\/03\/04032019-9-768x399.png 768w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2019\/03\/04032019-9-600x312.png 600w\" sizes=\"auto, (max-width: 1009px) 100vw, 1009px\" \/><\/p>\n<h1><b>OUR<\/b> <b>ANALYSIS<\/b><\/h1>\n<p>In addition to the upturn in credit, the government\u2019s fiscal measures demonstrate that the short-term official emphasis has shifted back to growth. Whereas China\u2019s authorities focused on deleveraging in 2018, even at the expense of constraining the economy, at a recent Politburo meeting President Xi Jinping firmly underscored the need for solid growth. A statement (1) from the meeting clarified that risk prevention should be done on the basis of stable growth. In similar vein, the PBoC\u2019s (2) latest quarterly report insisted less on the need to lower debt levels and announced that looser monetary policy would continue.<\/p>\n<p>The Chinese authorities are not seeking to trigger a sharp upturn in the economy, but rather to avoid a steep slump as the country\u2019s growth model transitions to relying less on investment and more on consumption. These shifts should help stabilise growth in the months ahead, although success hinges on the nation\u2019s ability to curb its dependence on debt.<\/p>\n<p>&nbsp;<\/p>\n<p>(1) <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-02-24\/china-deleveraging-is-dead-as-34-trillion-debt-habit-roars-back\">https:\/\/www.bloomberg.com\/news\/articles\/2019-02-24\/china-deleveraging-is-dead-as-34-trillion-debt-habit-roars-back<\/a><\/p>\n<p>(2) The People&#8217;s Bank of China or PBC is the central bank of the People&#8217;s Republic of China<\/p>\n<p><em>The opinion expressed above is dated February 28th, 2019, and liable to change.<\/em><\/p>\n<p><span style=\"color: #333333; font-family: 'Arial',sans-serif; font-size: 8pt;\">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 Fr\u00e8res 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 Fr\u00e8res Gestion SAS.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chart of the week China\u2019s credit figures surged in January, in stark contrast to recent months. Although January is typically&hellip; <\/p>\n","protected":false},"author":101016,"featured_media":10106,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[148,1274],"tags":[],"class_list":["post-10099","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chart-of-the-week","category-graphique-de-la-semaine-en"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>China: greater emphasis on growth &#8211; Tribune Lazard Fr\u00e8res Gestion<\/title>\n<meta name=\"description\" content=\"China: greater emphasis on growth Chart of the week Tribune Lazard Fr\u00e8res Gestion\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/latribune.lazardfreresgestion.fr\/en\/china-greater-emphasis-on-growth\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"China: greater emphasis on growth &#8211; 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