This chart shows the change over six months in China's volume of industrial production. The recovery which began in mid-2024 has aborted, probably because of Trump's tariffs. Domestic policy missteps didn't help either. The usual route China has taken in the past, namely, to overstimulate property development, is closed because there is a huge oversupply of housing (from previous stimuli), and house prices are still falling.
I presume the government will step up stimulus soon.
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