by BCA Research
After exhibiting improvement since late last year, the most recent Chinese economic data have deteriorated on the margin. This is largely due to changes in policy stance. Policies implemented late last year induced a quick growth acceleration, which are now prompting the authorities to switch back to focusing on “supply-side” reforms.
[…] The Chinese authorities are struggling to perform a difficult balancing act. Through their reflationary policies, they are trying to push overall growth close to potential. However, at the same time, policymakers want to avoid “lifting all boats”.
Case in point is the steelmakers.