JPMorgan’s Adrian Mowat said China’s economy is already in a so- called “hard landing”, but that no one seems to be concerned as the market believes the Chinese government will step in at some point…
“If you look at the Chinese data, you should stop debating about a hard landing. China is in a hard landing. Car sales are down, cement production is down, steel production is down, construction stocks are down. It’s not a debate anymore, it’s a fact.”
“One should be concerned about what’s happening in the China property market. People are too complacent that the government can turn what’s going on in this market.”
“What you can look forward to is to see a pickup in property demand that will clear up the inventory; that doesn’t appear likely. I don’t see any evidence of a policy move that will cause the economy to reaccelerate.”
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