China's September Economic Recovery Revealed by Satellite Data

Satellite data and early indicators suggest that China's economy is showing signs of a stronger recovery in September. Activity around Chinese shopping malls remained high, cement manufacturing continued to pick up, and traffic congestion reached its highest level in 2022 and 2023. However, there are concerns about the sustainability of the growth, given the ongoing weakness in the property sector. Other indicators, such as consumer sentiment and sales growth, also point to an improvement in China's economy. Economists predict that China's manufacturing PMI will rise above 50, indicating an expansion in output, for the first time since March.