We think the Disneyland factor was important, but obviously we have to wait until next month to confirm that. We should see arrivals bounce back in September. Nonetheless it will be a drag on second-quarter growth.
More Quotes from Ben Simpfendorfer:
There are two stories at work. The first is that we see surprising strength in exports. But imports are definitely weaker than I expected.Ben Simpfendorfer
But I think what is interesting is we have seen a modest transition towards manufacturing away from real estate investment.
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Production growth is being driven by strong export demand and rising consumer spending at home. There will be some moderation in the fourth quarter because of slower investment growth and some temporary weakness in U.S. demand.
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There is some self-interest in Europe maintaining good relations with China.
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Consumption is still rising at a much slower pace than investment and people are still saving too much. Retail sales have been growing strongly in the cities but the government is trying to put more money into the pockets of rural areas which is where there's more potential for growth.
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