In China, economic activity remains strongly correlated to the progress of the epidemic and the resulting lockdowns. After the decline in Q2 (-2.7%) marked by strict lockdowns, especially in Shanghai, GDP rebounded strongly in Q3 (+3.9%), boosted by the reopening of the economy. However, its year-on-year growth (+3.9% in Q3 compared to Q3 2021) remains lower than what it was in Q1 (+4.8%). Activity was stimulated by the rapid recovery in industrial production (+4.3% in Q3 after -3.2%), especially automobile production (+37.3%)...