{
  "docId": "019dd923-5ca1-7489-b639-5ef5030f0968",
  "docSlug": "6a132df05e39a07d",
  "documentTitle": "Global Economics Intelligence Apr 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": "establish_context",
  "density": "overcrowded",
  "nDataPoints": 25,
  "notes": "The slide provides a narrative summary of macroeconomic indicators for China in Q1 2023.",
  "elementsJson": [
    "paragraph",
    "photo"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-5ca1-7489-b639-5ef5030f0968/16",
  "deckHref": "/decks/019dd923-5ca1-7489-b639-5ef5030f0968",
  "deckJsonHref": "/decks/019dd923-5ca1-7489-b639-5ef5030f0968.json",
  "deckAnchorHref": "/decks/019dd923-5ca1-7489-b639-5ef5030f0968#slide-16",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "China's economy had a strong start in Q1. GDP growth accelerated to 4.5%, above market estimates; fixed asset investment, housing sales, and new social financing expanded faster in Q1, compared with Q4 2022.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd951-d3bb-700a-9d9e-56c70c4c0dd3",
      "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": "96f00fdd-b6b7-4fde-8b85-74cbb765e188",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "GDP growth: 4.5%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd951-d3bb-700a-9d9e-5abfcda43aec",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.28,
        "x": 0.045,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "China's economy had a strong start in Q1. GDP growth accelerated to 4.5%, above market estimates; fixed asset investment, housing sales, and new social financing expanded faster in Q1, compared with Q4 2022; however, trade remained weak in Q1.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0a113b5b-9512-4e4a-a107-244c67659afb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.28,
        "x": 0.045,
        "y": 0.6
      },
      "kind": "paragraph",
      "text": "The residential property market started to recover. In the first quarter, sales revenue from housing expanded by 6.0% y-o-y (-27.2% in Q4 2022), mainly due to the rising price of housing (6.3% in Q1 and 3.7% in Q4 2022), while the amount of floor space sold in Q1 was almost unchanged compared with the final quarter of last year (-0.2% in Q1 and -29.8% in Q4 2022).",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "34130045-feca-4b8c-b97a-0b5975ca179f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.28,
        "x": 0.34,
        "y": 0.28
      },
      "kind": "paragraph",
      "text": "The surveyed unemployment rate improved to 5.3% in March, 0.3 percentage points lower than February's level. However, the youth unemployment rate climbed to 19.6% in March, 3.6 percentage points higher than last March and 1.5 percentage points higher than February.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5a952319-d57a-4135-9054-4a57f26293d0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.28,
        "x": 0.045,
        "y": 0.28
      },
      "kind": "paragraph",
      "text": "In the first quarter of 2023, China's GDP reported a stronger-than-expected growth rate of 4.5% y-o-y (2.9% in Q4 2022), with 67% of growth driven by consumption. By sector, GDP growth in the services sector accelerated to 5.4% y-o-y (2.3% in Q4 2022), while GDP growth in the agriculture and industry sectors stabilized at 3.7% and 3.3% y-o-y (4.0% and 3.4% in Q4 2022) respectively.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a20afc7e-3c56-4adf-a852-090cf6c5020a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.28,
        "x": 0.045,
        "y": 0.44
      },
      "kind": "paragraph",
      "text": "Fixed-asset investment grew faster at 5.1% y-o-y in Q1 2023 (3.0% in Q4 2022). By sector, expansion in manufacturing investment stabilized at 7.0% y-o-y (6.8% in Q4 2022); infrastructure investment growth decelerated to 8.8% y-o-y (11.4% in Q4 2022); contraction in real estate investment narrowed to -5.1% y-o-y (-14.2% in Q4 2022).",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a39a50f4-803a-4861-814f-2f0887ecbe7c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.28,
        "x": 0.34,
        "y": 0.37
      },
      "kind": "paragraph",
      "text": "Cross-border trade remained weak in the first three months of 2023, growing -2.9% y-o-y (-6.8% in Q4 2022). Exports improved in Q1, growing 0.5% y-o-y (-6.9% in Q4 2022); imports continued to slump, growing -7.1% y-o-y (-6.7% in Q4 2022).",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bc229c1f-6757-481a-82ca-d666674a93db",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.28,
        "x": 0.34,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "New social financing totaled RMB 14.5 trillion in Q1 2023, an increase of 20.6% y-o-y (-36.1% in Q4 2022), with the majority (95%) of the credit expansion coming from new bank loan financing. Total social financing stood at RMB 359.0 trillion at the end of Q1, growing 10.3% y-o-y.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e27294d0-cf4a-45b9-a6e3-c00aa27ae50e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.3,
        "x": 0.045,
        "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": "370fb23e-12d4-4443-805d-695465c20bfd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.12,
        "x": 0.045,
        "y": 0.075
      },
      "kind": "title",
      "text": "China",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2f93253f-5043-4d4b-8ba9-60bedff7b19d",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [
    {
      "metricRaw": "GDP growth",
      "numberRaw": "4.5%",
      "numberKind": "percent",
      "actionTitle": null,
      "calloutText": "China's economy had a strong start in Q1. GDP growth accelerated to 4.5%, above market estimates; fixed asset investment, housing sales, and new social financing expanded faster in Q1, compared with Q4 2022.",
      "numberScale": null,
      "numberValue": 4.5,
      "metricFamily": "growth_rate",
      "numberCurrency": null
    }
  ],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 28,
      "from": 15,
      "beatId": "a2fbab8c-a1de-4611-97e6-485faffbfb2c",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Resolution",
      "beatSlug": "resolution",
      "evidence": "The document concludes with a summary of the key messages, country insights, and industry trends, providing a comprehensive overview of the global economy.",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}