Three Things in China

China's economic outlook shows reduced trade tension with the US, a major upside surprise in producer price inflation (PPI), and ongoing household deleveraging.

Key Takeaways

• 1.The Trump-Xi summit suggests a lower near-term risk of trade escalation despite ongoing structural tensions.
• 2.April PPI inflation significantly exceeded consensus at 2.8% yoy, driven by upstream sectors like petroleum and nonferrous metals.
• 3.Household deleveraging in China continues as credit data missed expectations and the household debt-to-GDP ratio fell to 59.4%.

Table of Contents

• Three quick highlights from China
• Recent GS China macro research
• The China Economics Team
• Disclosure Appendix
• Global product; distributing entities
• General disclosures

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