Bo Zhuang

Chief Economist and Director, China Research
+86 10 5960 3315

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China: Where has all the credit gone?

Overview

After China’s Q1/13 GDP numbers missed expectations, there was some hope that the relatively stronger rebound of investment in April would point to a better second quarter. Now, the dismal May HSBC PMI seems to have largely dashed those hopes. But there is a puzzle here over the lack of impact of domestic credit expansion, which this note...

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