THE BRIEF: What's behind high household net deposits, Consumer confidence, Business conditions, PBOC urban depositor survey

Trying to make sense of things

2022 was an awful year for property developers in China. With covid lockdowns in the spring and fall, years worth of credit tightening to the industry and policies to limit real estate speculation finally came to a head. The second order consequences were a major drop in Local Government funding (previously covered here and here). Add on the testing req…