{"id":164448,"date":"2022-11-01T15:25:00","date_gmt":"2022-11-01T19:25:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=164448"},"modified":"2023-02-28T12:43:40","modified_gmt":"2023-02-28T17:43:40","slug":"country-overboard","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/region\/country-overboard\/","title":{"rendered":"Country Overboard"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\" id=\"h-what-s-going-on\">What&#8217;s going on?<\/h2>\n\n\n\n<p>Data out on Monday\u00a0showed\u00a0more signs that the Chinese economy\u2019s lost at sea.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-does-this-mean\">What does this mean?<\/h2>\n\n\n\n<p>China\u2019s economy has been stuck in a long, dark tunnel, and there\u2019s still no light in sight. See, monthly surveys ask companies\u2019 managers how busy they\u2019ve been compared to the month before, and give an almost real-time snapshot of economic performance. And last month\u2019s results are less than encouraging: both China\u2019s manufacturing and services sectors saw business activity shrink even more than economists expected.<br><br>China can partly blame the faltering global economy for the dip, but a lot of the onus lies closer to home. The country\u2019s complete devotion to its zero-Covid stance is still causing trouble, with separate survey data out last week showing that locked-down locations make up nearly 10% of China\u2019s economic output, up from 7% in mid-October. So while the People\u2019s Republic&nbsp;<em>did<\/em>&nbsp;manage to&nbsp;<a href=\"https:\/\/go.finimize.com\/wp\/news\/chinas-smiling-through-the-pain\/\">grow<\/a>&nbsp;more than expected last quarter, it might struggle to repeat that this quarter.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-why-should-i-care\">Why should I care?<\/h2>\n\n\n\n<p><strong><em>The bigger picture:&nbsp;<\/em><\/strong><em>Self-fulfilling prophecy.<\/em><\/p>\n\n\n\n<p>There\u2019s no sign of that anti-Covid commitment wavering anywhere soon \u2013 if anything, China\u2019s upping the ante. The country\u2019s triggered more restrictions since the survey wrapped up last week, and there might be more to come: China recorded its biggest nationwide Covid surge since August over the weekend, and the winter months ahead could be a breeding ground for new cases too. And because economists are\u00a0betting\u00a0that the government will take a long time to phase out its zero-Covid policy, they expect China\u2019s economic growth to stay capped below 5% each year until 2024.<\/p>\n\n\n\n<p><strong><em>Zooming out:&nbsp;<\/em><\/strong><em>Apples for Christmas.<\/em><\/p>\n\n\n\n<p>Those on-again, off-again lockdowns are restricting the companies that manufacture in China too. Case in point: the biggest iPhone production plant in the country is&nbsp;<a href=\"https:\/\/uk.finance.yahoo.com\/news\/iphone-assembler-foxconn-moves-limit-015440423.html\">grappling<\/a>&nbsp;with potentially production-hampering outbreaks. That\u2019s bad timing for Apple: the tech giant only recently released the iPhone 14, which it\u2019ll be hoping will be one of the must-have gifts this festive season \u2013&nbsp;if there\u2019s enough to go around, that is.<\/p>\n\n\n\n<p>&#8212;<\/p>\n\n\n\n<p>Originally Posted October 31, 2022 &#8211; <a href=\"https:\/\/go.finimize.com\/wp\/news\/country-overboard\/\">Country Overboard<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>China\u2019s economy has been stuck in a long, dark tunnel, and there\u2019s still no light in sight.<\/p>\n","protected":false},"author":186,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4,18,8,9,26,3],"tags":[216,11267,1145],"contributors-categories":[13597],"class_list":{"0":"post-164448","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-asia","7":"category-macro","8":"category-region","9":"category-securities","10":"category-text-articles","11":"category-traders-insight","12":"tag-china","13":"tag-china-economy","14":"tag-economics","15":"contributors-categories-finimize"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Country Overboard | Traders&#039; Insight<\/title>\n<meta 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