Marco Trends March Economic Data Points to Effects of Stimulus and ASF In response to a sharp economic slowdown and the ongoing impact of the trade war with the U.S., China launched a series of stimulative measures at the end of 2018. After a tepid January and February, the country’s economy seems to have roared back to life, particularly on the consumer front. The central government’s approach has featured a combination of tax cuts, more relaxed bank lending and stepped-up infrastructure spending. While loosening credit appears to fly in the face Beijing’s desire to reform its shadow banking sector and limit the rise of nonperforming loans, the tightening that began in mid-2016 has had a disproportionate impact on small...