Assuming the entire economy is on its way down is missing the point.
Data this past week showed a dismal picture: Industrial output rose 3.8% from a year earlier, which was below expectations, fixed investment grew slower than forecast and credit, usually a sign the economy is pushing through, was weak.
The truth is, Beijing’s industrial priorities on the development of high-tech sectors haven’t changed much from those laid out in recent five-year action plans. Expectations based on what China Inc used to be will, therefore, fall short. It is already moving up the value ladder. Warren Buffett’s Berkshire Hathaway-backed BYD Co signed an agreement to invest 28.5 billion yuan in a battery production plan.
There is no doubt bad news, but if you look past headlines on rolling lockdowns, troubled firms in non-priority sectors and power rationing, it’s clear Beijing’s intent to push through remains solid.
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