China: Q2 Early Look Brief

Leland Miller is a leading expert on China’s financial system and a good friend. He and his colleagues publish the China Beige Book, which is actually a whole series of distinct products. They regularly interview (if memory serves correctly) about 2000 large Chinese companies in every sector to get a good idea of what is actually happening in the Chinese economy. There is nothing else like their work, and anybody who is investing large sums or who just does business in China gladly pays the six-figure price to get access to their data and research.
Even this quarterly brief that I attach is embargoed, and I am generally not allowed to send it on. Leland made an exception this time (after consulting with his partners), and I thank them for that. You can learn more about China Beige Book here:
Below I’m going to paste the email intro that Leland sent me, which has some qualifiers and insights about the quarterly brief you’re going to read. I should note that in our recent conversations Leland was more upbeat about China than he has been in several years. That is not to say he’ll be that way next year, but the facts on the ground right now are all pretty good. Now, here’s Leland:
As promised, here is our Early Look Brief from last quarter. Per the usual, it was released ten days before the end of the quarter, which makes it the earliest look in the world at the current quarter’s data.

This post was published at Mauldin Economics on AUGUST 30, 2017.