January 22, 2021  |  Macro

[Report] The Chinese consumer is flashing red

China’s GDP results for 2020 reveal just how unbalanced the recovery from the COVID-19 lockdown has been. The problem for Beijing is that things don’t seem to be getting much better. Consumption continued to account for a historically low share of GDP growth in Q4 and output in consumer-facing parts of the economy were still growing below trend.

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