Demand activity seems to have returned in China over the last month despite disappointing macroeconomic headline figures. This confirms our view in our last publication that semis production and end-use data could be much more buoyant than the headline GDP and IP figures suggest. Our hypothesis that manufacturing activity in China was considerably stronger since the beginning of Q2 was supported by our surveys with fabricators this month, where the majority indicated that they saw visible uptake in domestic orders across all sectors.
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