After the Chinese economy reopened towards the end of 2022, the rebound was less vigorous than expected and the traditional drivers of growth (real estate, investment) appeared to be struggling. After slowing in spring 2023, economic activity in China managed to accelerate in Q3 (+1.3% after +0.5%). The real estate sector shows little sign of bouncing back: in October 2023, housing starts were more than 60% below their 2019 average. Meanwhile, real estate transactions were almost 35% below their pre-pandemic level. This real estate crisis has destabilised provinces that had become vulnerable as a result of their debt burden and their heavy exposure to this sector. Faced with these difficulties, the Chinese government has taken measures to bolster the economy. In particular, it eased the policy restricting access to the purchase of real estate and the People’s Bank of China cut interest rates and injected liquidity into the financial system. These measures helped to boost momentum in Q3...