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Why is April's economic data generally cooling down? UBS's Song Yu: It's related to the policy implementation mechanism.
Caixin After achieving a "good start" in the first quarter of 2026, China's major economic growth data outside of exports all declined in April. Why does this phenomenon occur multiple times, given that this trend is similar to the recent economic cycle?
On May 20th, Song Yu, Chief China Economist at UBS Securities, said at the UBS Asia Investment Forum online media briefing that China's overall economic performance in the first quarter of 2026 was better than market expectations. In April, there was a sudden cooling, with a large and widespread decline. It was not due to a single indicator weakening, but rather most indicators generally falling back, indicating that economic momentum weakened after the initial "good start."
He believes this phenomenon is somewhat similar to recent economic cycles, where data in the first quarter often exceeds market expectations, followed by a decline in the second quarter. "The underlying mechanism is the rhythm of policy implementation."