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Our outlook for the Chinese economy remains modestly constructive, with the path back to normalcy continuing, and more stimulus in the pipeline. In the shorter term, weak external demand (the global economy is either in final stages of lockdown, or very early stages of restarting) will be a drag on the manufacturing sector. Risks around the slowing of globalization and tensions with the United States have risen and are discussed in more detail below.
China's economy: A return to normal?
The Chinese economy continues to normalize, led by the manufacturing sector. The services side of