In Conversation with GROW – December Edition

The Beyond Markets podcast channel is wrapping up on a high note at the end of 2025. But do not worry! The conversation continues on our podcast Moving Markets by Julius Baer, where we'll be sharing fresh insights and analysis on current market developments.

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In this episode of our monthly China update, Richard Tang, China Strategist and Head of Research Hong Kong at Julius Baer, engages in a conversation with Hong Hao, Partner and Chief Economist at GROW Investment Group to discuss recent developments in the Chinese market.

Last month was filled with news on potential stimulus policies for China’s property sector which constitutes a substantial portion of the country’s economy. From using policy tools like the Pledged Supplementary Lending (PSL) facility to finance infrastructure projects via policy banks to the latest funding plan for 50 real estate developers, efforts are underway to turn around the embattled sector. What will be the actual impact of such policies?

Further, industry data paints a mixed picture of consumption in China. On the positive side, smartphone sales seem to have rebounded, and the annual "Double 11" shopping festival sales achieved low single-digit percentage growth. Conversely, the recent results of restaurants and sportswear players were less than impressive. What is the real scenario of Chinese consumption?

Lastly, the key event remaining in 2023 will be the Central Economic Working Conference, usually held in December. Will policymakers extend the narrative of relatively accommodative policies? What other China-related events should we pay attention to for the next year?

Tune in to this episode to gain a deeper understanding of these topics and stay informed about the latest updates in the Chinese market.