Analysts at BNP Paribas note that China’s economic growth continues to slow.

• “Activity rebounded in March 2019 but weakened again afterwards. The recent flare-up in trade tensions with the US has again darkened export prospects.
• The central bank is easing liquidity and credit conditions, though the reduction in financial-instability risks via regulatory tightening should remain a priority. Fiscal policy has also turned expansionary through increased infrastructure spending and a rising number of household/corporate tax cuts.
• In the short term, exports and private domestic investment should continue to decelerate. Tax measures should support consumer spending.”