China’s economic outlook is less certain, but on balance

China's economic performance in Q1 was disappointing, and ongoing concerns around property markets, corporate and local government leverage, and overcapacities in various industries imply elevated uncertainty around assessments of the Chinese economy's true state. 

This is further exacerbated by the massive rally in local equity markets, which has recently started to correct. 

On the other side, the lagged effects of the significant monetary policy easing in recent quarters, determined policy efforts to stabilize the financial system, a re-acceleration of public investment projects, better G3 growth, should all support some pick-up in China growth during H2.