China’s macro soundbites going into 2015?

  • While growth slightly lower in 2015, starts a new year for the first time as the world's largest economy (in purchasing power terms).
  • Headline macro trends: [1] Structural shift from export-led growth (i.e. investment in export sector) to domestic-demand driven growth (i.e. investment in consumption & welfare) = sign of economy maturing.
  • [2] Outbound investment might > inbound investment, [3] Current account surplus continues to narrow.

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