{
  "docId": "019dd923-5ca1-7489-b638-86ba25d520c6",
  "docSlug": "817e112bbf984e02",
  "documentTitle": "Global Economics Intelligence June 2023",
  "authorId": "McKinsey",
  "authorName": "McKinsey",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "strategy_consulting",
  "sourceTypeLabel": "Strategy consulting",
  "presentationDate": null,
  "orientation": "landscape",
  "aspectRatio": 1.778,
  "pageNumber": 16,
  "pageCount": 28,
  "prevPage": 15,
  "nextPage": 17,
  "slideType": "country_insights",
  "function": "summarize",
  "density": "overcrowded",
  "nDataPoints": 22,
  "notes": "The slide provides a narrative summary of macroeconomic indicators for China, including industrial output, fixed-asset investment, real estate, social financing, unemployment, and trade.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "photo"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-5ca1-7489-b638-86ba25d520c6/16",
  "deckHref": "/decks/019dd923-5ca1-7489-b638-86ba25d520c6",
  "deckJsonHref": "/decks/019dd923-5ca1-7489-b638-86ba25d520c6.json",
  "deckAnchorHref": "/decks/019dd923-5ca1-7489-b638-86ba25d520c6#slide-16",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "China's economy slowed in May. Growth in industrial output, fixed-asset investment, and housing sales revenue decelerated; exports and imports contracted compared with last year.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd951-d3bb-700a-9da9-2c942f2efa8c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 1,
        "w": 0.36,
        "x": 0.64,
        "y": 0
      },
      "kind": "image",
      "text": "Shanghai skyline",
      "attrs": null,
      "subkind": "photo",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "569e7f64-0105-49ea-945e-052e757dc6a7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "youth unemployment rate: 20.8%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd951-d3bb-700a-9da9-33450652e96f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.6,
        "x": 0.04,
        "y": 0.65
      },
      "kind": "paragraph",
      "text": "New social financing measured RMB 1.6 trillion in May, up from RMB 1.2 trillion in April but declining -45.3% y-o-y. Total social financing was reported at RMB 361.4 trillion in May, with the y-o-y growth rate falling to 9.8%.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0dd7cbcb-65d9-48ea-8272-731bebc932d3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.28,
        "x": 0.35,
        "y": 0.23
      },
      "kind": "paragraph",
      "text": "The surveyed urban unemployment rate remained at 5.2%. However, the youth unemployment rate climbed further to 20.8% in May (20.4% in April), reaching its highest reading since 2018.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1a8c5fcb-76ac-4734-bf73-ff1619af5e5f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.28,
        "x": 0.35,
        "y": 0.33
      },
      "kind": "paragraph",
      "text": "Overall cross-border trade dropped in May, declining -6.2% y-o-y. Exports fell -7.5% y-o-y in May (against 8.5% in April), while imports were down -4.5% y-o-y (compared to -7.9% in April).",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "20d30e9d-0f61-4a71-b2c2-4afdfc6b267e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.28,
        "x": 0.35,
        "y": 0.43
      },
      "kind": "paragraph",
      "text": "On June 19, Chinese President Xi Jinping met with visiting US Secretary of State Antony Blinken in Beijing. Xi and Blinken pledged to stabilize US-China relations.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2e833189-8e73-4a81-bbeb-07f3993affb7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.28,
        "x": 0.04,
        "y": 0.13
      },
      "kind": "paragraph",
      "text": "China's economy slowed in May. Growth in industrial output, fixed-asset investment, and housing sales revenue decelerated; exports and imports contracted compared with last year.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c60ab704-3b9a-4266-96bc-f3421595dd2f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.28,
        "x": 0.04,
        "y": 0.23
      },
      "kind": "paragraph",
      "text": "Industrial output growth decelerated to 3.5% y-o-y in May (5.6% in April). By sectors, industrial output in the mining sector contracted by -1.2% y-o-y (0.0% in April), while output in the manufacturing sector decelerated to 4.1% (6.5% in April).",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d1660b4b-236f-44d1-aafa-8fd763b473cc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.28,
        "x": 0.04,
        "y": 0.37
      },
      "kind": "paragraph",
      "text": "Expansion in fixed-asset investments decelerated to 2.2% y-o-y in May (3.9% in April). By sectors, investments into the manufacturing sector stabilized, growing 5.1% y-o-y (5.3% in April); infrastructure sector investments decelerated to 4.9%.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ece483bc-4cb7-4680-bef3-93d4cf1ebd7d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.28,
        "x": 0.04,
        "y": 0.51
      },
      "kind": "paragraph",
      "text": "The real estate market weakened in May. Housing sales growth slowed to 0.5% in May from 16.7% in April, while floor space sold contracted further, down -16.2% y-o-y. Housing prices remained resilient in May, growing 19.8% y-o-y.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fa3122f8-6f84-401a-a7e6-14984495868a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.3,
        "x": 0.04,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Source: CEIC; McKinsey's Global Economics Intelligence analysis",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "494770b2-7f94-4641-a9d7-b788a165b684",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.1,
        "x": 0.04,
        "y": 0.06
      },
      "kind": "title",
      "text": "China",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d1856f59-0df4-4fd4-b629-c13fae9e0fa0",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [
    {
      "metricRaw": "youth unemployment rate",
      "numberRaw": "20.8%",
      "numberKind": "percent",
      "actionTitle": null,
      "calloutText": "China's economy slowed in May. Growth in industrial output, fixed-asset investment, and housing sales revenue decelerated; exports and imports contracted compared with last year.",
      "numberScale": null,
      "numberValue": 20.8,
      "metricFamily": "macro",
      "numberCurrency": null
    }
  ],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 27,
      "from": 15,
      "beatId": "c989746b-c9e5-45db-a2c1-cd30ba79ac72",
      "arcName": "The Sparkline",
      "arcSlug": "sparkline",
      "beatName": "Future Outlook",
      "beatSlug": "sparkline-what-could-be-2",
      "evidence": "Slides 15-27 offer a future outlook, discussing trends and projections",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [
    {
      "to": 27,
      "from": 15,
      "name": "Golden Circle",
      "slug": "11-golden-circle",
      "bestFor": "Visionary leadership, brand positioning, mission statements",
      "matchId": "9839ab19-9d10-4841-bc0b-d4774b235847",
      "evidence": "Slides 15-27 use the Golden Circle framework to discuss implications",
      "position": 1,
      "objective": "Explain implications for growth and stability",
      "structure": "The Why (Belief) -> The How (Process) -> The What (Result)",
      "confidence": 0.6,
      "description": "Invert the typical pitch by starting with why you exist, rather than what you do"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}