Salient to Investors:

  • Zhu Haibin at JPMorgan Chase said the lack of good unemployment data is the main reason why China still focuses so much on GDP, and since China is more concerned about employment and inflation, it refrains from big stimulus. Zhu said China’s current registered unemployment rate is untrustworthy and unusable.
  • Ding Shuang at Citigroup said all eyes will be on the new surveyed unemployment rate, which will be as important as it is in the US. Ding said a monthly jobless rate could be a real economic barometer because GDP data is only released quarterly and because the direct survey minimizes distortions by local officials to glorify their performance.

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