Report
China's process of isolation and decorrelation from the rest of the global economy is accelerating
Already since 2014, China has isolated itself from the rest of the global economy: its growth is driven by domestic demand (especially for services) and no longer by exports; its imports no longer stimulate growth in the rest of the world; it no longer accumulates foreign exchange reserves, it no longer finances the US Treasury (the cooperative model known as "Bretton Woods 2" where China boosts US consumption and the United States boosts Chinese production has disappeared); it receives less and less investment from foreign companies. By accelerating all the trends, the coronavirus crisis will amplify China’s movement of isolation and decorrelation from the rest of the world.
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Natixis
Based across the world’s leading financial centers, Natixis CIB Research offers an integrated view of the markets. The team provides support to inform Natixis clients’ investment and hedging decisions across all asset classes.
Patrick Artus
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