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The housing market correction we analyzed in November continues apace, but it appears to still be in the very early stages. Tightening measures, first implemented in early 2010, are slowly reducing super-elevated levels of housing investment and forcing developers to lower their prices to clear inventory. One of the most important trends underway [...]
This looks like it might become a recurring series on this blog. A new Barclays research piece, China: Beyond the Miracle – The Great Wave of Consumption Upgrading, lays out the case for consumption being significantly undervalued in official Chinese statistics. The points made in this report have been picked up by both the Financial [...]
A LEX column in this week’s Financial Times had an optimistic article about China’s economic rebalancing. Governments all over the world are bemoaning the non-consuming consumer. But in China, at least, the masses are doing their part. From January to November, nominal retail sales rose 17 percent year-on-year. The article then goes on to detail why [...]
The Economist had a great article last month on why professional soccer in China continues to face so many problems. Despite a tremendous amount of interest in the game, Chinese professional leagues have struggled to succeed. Game fixing and institutionalized corruption have undermined belief in the fairness of matches. Fans have become disgusted with the [...]
Falling home prices and fewer land purchases are leading to increased tensions between the central and local governments in China. Land sales (aka long-term land lease fees) are a critical source of funds for local governments. Efforts by the central government to burst the property bubble have been viewed warily by local governments, which are [...]