East Asia Econ

East Asia Today

China's detailed Q1 GDP data aren't obviously consistent. By expenditure, net exports were down while investment were up. But by industry, manufacturing rose while construction contracted. Across the region, the decline in oil prices will be welcome, but government energy subsidies remain large.

Paul Cavey

Apr 17, 2026 • 2 min read

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East Asia Today

Two things today. First, China's big data releases, which show broad macro stabilisation. Second, TSMC's quarterly earnings. Management comments were positive again, forecasting revenue growth of over 30% this year. That has read through for total exports and Taiwan's overall economy.

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China – cycle stabilisation

The broad theme is macro is stabilisation, shown by three indicators that are bottoming after multi-year declines: property starts, household demand deposits, and producer prices. The implications, as are already being seen, are slower rate cuts, stabilising yields, and a stronger currency.

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East Asia Today

Lots of data today – fx settlement for China, machine orders and the Reuters Tankan in Japan, import and export prices and labour market data in Korea, and wages in Taiwan.