Shanghai Macro Strategist(@ShanghaiMacro):The year 2026 marks the official beginning of Chinese households’ deleveraging cycle. The definitive end of the household debt supercycle lies at the heart of the secular weakness in consumption—and, by extension, the prolonged decline in consumer-oriented equities.

Shanghai Macro Strategist

@ShanghaiMacro

China strategist. Author of bi-weekly China Macro Watch. Mission: bridge the information gap between the East and the West. Contact: shanghaimacro@gmail.com

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Shanghai Macro Strategist@ShanghaiMacro

2026.08.19 06:17

The year 2026 marks the official beginning of Chinese households’ deleveraging cycle. The definitive end of the household debt supercycle lies at the heart of the secular weakness in consumption—and, by extension, the prolonged decline in consumer-oriented equities.