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China Economic Update November 2023 Searching for some signal in the noise – digging deeper into China’s Q3 GDP data
Compared with most major economies, China’s National Bureau of Statistics (NBS) provides a much more limited range of national accounts data. Typically, growth in these measures is expressed in year-on-year terms, which makes tracking the changes between individual quarters more difficult (particularly give large scale base effects during the pandemic). According to China’s headline national accounts data, China’s economic growth slowed in Q3 to 4.9% yoy (from 6.3% yoy in Q2). That said, this apparent slowdown largely reflected the impact of base effects – the severe lockdown in Shanghai and COVID measures in ... (full story)