CHART OF THE DAY: Forget Trade Deals… What If China’s Economy Keeps Slowing?

As you can see in today’s Chart of The Day (slide 93 in the Q2 Macro Themesdeck), China’s Secondary Industries (Heavy Equipment, Construction, pseudo “empty cities”, etc.) slowed to 0% growth, TWICE, in the last decade:

1. During the Great Financial Crisis and
2. During the Deflationary Slowing of 2016

After the 2^nd #ChinaSlowing to 0% growth (2016), the PBOC provided the biggest monetary stimulus in the history of China (yep, that’s a long history!).

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