China – sideways
Our impression from the data released so far for January and February is the underlying economy is going sideways. The credit impulse is soft, but not especially weak; mortgage growth has slumped, but isn't worsening; and both M1 and excavator sales look a bit stronger so far this year.
![China – sideways](/content/images/size/w2000/2024/03/China--change-in-AFRE--stock--Total--impulse--12M-chg-1.png)