[Report] China’s looming destocking cycle: Are investors ready?

China’s fragile economic recovery has been unbalanced and driven in large part by the supply side. H1 2022 industrial activity grew by a (comparatively) healthy 3.4% y/y, compared with a measly 1.8% y/y growth in the services sector, and a downright depressing retail sector, with sales shrinking 0.7% y/y.