Exposure rates of the Dorval Asset Management Range – 19th July 2019

GDP growth in China came out at 6.2% yoy in the second quarter of the year according to government statistics, in a gradual economic slowdown that is intentional on the authorities’ part, and inevitable as well as advisable.

The Chinese government’s determination to slow the debt build-up in the economy is playing a considerable role in this growth slowdown, triggering mini-cycles of deceleration and then stabilisation in economic activity, with a continued heavy dependency on local credit conditions. The Chinese economy is currently worth $13,608bn and matches the euro area in size, so its yearly 6% expansion is tantamount to world GDP adding the equivalent of the French economy every four years.

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