Virus disruption compounding property strains

China’s economy started 2021 above its pre-pandemic path of output, thanks to stimulus and surging global export demand. Our China Activity Proxy (CAP) suggests that the economy is ending the year well below the pre-pandemic path as a boom in construction activity has gone into reverse and small but recurrent COVID outbreaks continue to depress service sector activity. These headwinds will continue into 2022.

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