China Beige Book's latest survey suggests rate cuts by the People's Bank of China in August may have had limited effect in spurring growth.
"Retail earnings accelerated, spending on travel and hotels is far from fading, and manufacturing revenue improved for a third consecutive month," he added.With the population's greater affluence and more meaningful spending power, China's economic recovery is driven largely by its first-tier cities, China Beige Book said.
Even then, there are challenges that survey participants flagged: weak prices as they work to preserve global market share in a global economic downturn. If you believe the economy is terrible when it isn't, you may anticipate major stimulus coming when it won't.This has been undoubtedly compounded by a weakeningMarket expectations for an economy recovery were perhaps overly optimistic — just as current market pessimism on China could be overblown, China Beige Book said.
"China's second-quarter story is one in which one mistake breeds another," Derek Scissors, China Beige Book's chief economist said. "If you believe the economy is terrible when it isn't, you may anticipate major stimulus coming when it won't," he added.
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