According to the China Machinery Industry Federation, in the first half, the construction machinery industry saw a decline in sales of excavators and loaders by 24 percent and 13.3 percent year-on-year, respectively, due to sluggish construction of real estate and cyclical factors.

根据中国机械工业联合会的数据，上半年，由于房地产建设不景气和周期性因素，工程机械行业挖掘机和装载机的销量分别同比下降24%和13.3%。

Although cyclical factors and lowering interest rates also exerted some impact, the contraction in household savings has reflected people's rising risk appetite and consumption willingness, said Ming Ming, chief economist of CITIC Securities.

中信证券首席经济学家明明表示，尽管周期性因素和利率下降也产生了一些影响，但家庭储蓄的收缩反映了人们风险偏好和消费意愿的上升。

Cross-border container transportation is a cyclical sector largely impacted by a variety of factors like the pandemic, geopolitical situations and the consequent economic prospects of different markets, according to a study published by the association last month.

该协会上个月发表的一项研究显示，跨境集装箱运输是一个周期性行业，在很大程度上受到各种因素的影响，如疫情、地缘政治局势以及由此产生的不同市场的经济前景。

Experts said the steady economic prospects will continue to boost the corporate earnings of listed companies in the remainder of the year, with cyclical sectors, or shares most sensitive to macroeconomic conditions, new energy, and semiconductors likely to remain the potential outperformers.

BlackRock, the world's biggest asset manager, said it sees opportunities emerging in China's cyclical stocks that are set to benefit from more relaxed monetary and fiscal policies.

The profit growth in cyclical sectors has beaten others in the first half of the year.

While some of the policy adjustments directly related to the pandemic may ultimately prove to be temporary, the overall picture is likely to be one of structural change, rather than cyclical, with the pandemic helping to accelerate already existing trends, said Nanda Lau, head of the Shanghai office of international law firm Herbert Smith Freehills.

Yeelight's intelligent products set for 'explosive growth' as overseas strategy clicksFor traditional lighting companies, the ups and downs in sales are closely related to the cyclical changes of the property industry.

However, Kevin Stobbs, president of Gestamp Asia, said the fall can be cyclical, adding: "We have got some concerns, but we believe it'll be short-term.

"The global property market has endured cycles of boom and bust, and the Chinese property market is unlikely to be substantially different in the future," Haigh said, "Evergrande is posed to ride the surge, but Dalian Wanda's move away from traditional property development represents an effort to build the value of their brand outside the cyclical nature of this industry.

Evergrande is posed to ride the surge, but Dalian Wanda's move away from traditional property development represents an effort to build the value of their brand outside the cyclical nature of this industry.

"The demand (for heavy machinery) was weak in China from 2012 to the end of 2016, and since then, we have seen rising demand, which we believe is a cyclical recovery," said Chen.

The company attributed the decline to currency exchange rate fluctuations, and external and cyclical factors.

The cyclical trough is likely behind us.

Both the structural and cyclical policies need to be implemented to foster economic growth in 2024, said Zhang Wenlang, chief macroeconomic analyst with investment bank China International Capital Corp.

Overall, the current lack of demand has been caused by both cyclical and structural problems, and more importantly, structural changes, because China is in a transition period of economic development.

First, there will be a further upswing in the economy from a reversal of cyclical forces and a further acceleration in structural forces.

An important reason for this is that the period of structural adjustment will be accelerated after a reversal of cyclical forces, which will lead to a recovery in confidence.

First, it is clear from financial statistics that there is a lack of capital efficiency and faith in the cyclical process of the Chinese economy.

Key barometer of consumption rises 5.5 percent year-on-year in SeptemberChina is on track for a stimulus-led cyclical recovery with the latest economic indicators showing signs of stabilization despite downward pressure, economists said.

A: We expect the economy to have reached a cyclical trough in July, and should stabilize in the coming months given the range of stimulus measures put in place.

Ultimately, authorities' most powerful and high-profile easing tools, such as a mobilization of central government balance sheet at scale or PBOC's use of the PSL (pledged supplementary lending), have yet to be deployed and could possibly be turned to as authorities attempt to put a floor to the cyclical downturn without aggravating longer-term structural problems.

"China is on the path of a cyclical recovery," Xing told China Daily.

"We expect the economy to have reached a cyclical trough in July, and it should stabilize in the coming months, given the range of stimulus measures put in place," said Louise Loo, lead economist at Oxford Economics.

"Data on sentiment remains subdued, reflecting the extent of the confidence crisis among homebuyers, consumers, and investors, notwithstanding the cyclical support to activity from stimulus.

From this perspective, the slowdown in inflation is merely a typical response to the cyclical slowdown in the Chinese economy.

These elements could be roughly categorized into two main groups: structural factors and cyclical factors.

But cyclical factors such as demographic factors should not be ignored.

The shift in cyclical factors from a positive contribution in the past to a negative contribution after 2011 has increased the economy's downward pressure.

In general, more aggregate policies should be used to address cyclical issues, while additional structural policies should be adopted to resolve fundamental problems.

It was highlighted in the annual Central Economic Work Conference last December that efforts to restore and expand consumption should be high on government work agendas, and it was also pointed out that the current economic downturn is related to structural issues with China's long-standing investment and export-driven economic growth model, as well as cyclical issues of insufficient demand.

In short, policy measures to address cyclical issues primarily rely on aggregate instruments and can only have a moderating impact.

Nicholas Lardy, a senior fellow at the Peterson Institute, a US think tank, said that it was "premature" to make a judgment of deflation based on single monthly data, while a thorough assessment of the situation also "does not support the view that China's economic growth is in a severe cyclical downturn.

Excluding pandemic-related causes, the current low employment condition is indeed due to cyclical, structural and institutional factors.

Recovery pace inconsistentChina's economy is recovering, but unlike recoveries seen in the past, the current one is fundamentally different from previous cyclical rebounds, and this difference comes from the superposition of three main forces.

Facing pressure from a cloudy global outlook and geopolitical issues, he said the key lies in how China deals with these issues, saying that foreign trade may not have a strong cyclical rebound.

Difficulties facing the Chinese economy are only temporary, phased and cyclical, and can be overcome.

"A cyclical economic recovery in China is starting to unfold," said Hong Hao, chief economist at Grow Investment Group.

While multiple cyclical and structural headwinds — from a gloomy global outlook to China's weak property market — may weigh on the country's near-term outlook, macro policy easing will help stabilize the economy, with targeted property sector support, relief measures for households and infrastructure spending being the preferred policy tools, they said.

The market is under-appreciating the far-reaching ramifications of the adjustment of Chinese policy, and the possibility that a robust cyclical recovery can occur despite lingering structural headwinds, read a recent research note by Morgan Stanley.

Morgan Stanley recently raised its forecast for China's economic growth this year from 5.4 percent to 5.7 percent, saying a robust cyclical recovery can occur despite lingering structural headwinds.

While multiple cyclical and structural headwinds — from a gloomy global outlook to China's weak property market — may weigh on the country's near-term outlook, macro policy easing will help stabilize the economy, with targeted property sector support, relief measures for households and infrastructure spending being the preferred policy tools, said Louise Loo, senior economist at British think tank Oxford Economics.

"As many airlines globally are approaching the pre-pandemic revenue level, there is huge potential for Chinese and Asia Pacific airlines to catch up," she said, adding that with improved mobility and fewer restrictions, China's car sales shall also see a cyclical rebound.

At present, insufficient development instead of unbalanced development, as well as cyclical issues instead of structural ones with accelerated contraction of domestic demand, have become major and urgent issues awaiting solutions.

In other words, cyclical rather than structural factors have resulted in the Chinese currency's volatility.

They are cyclical factors rather than long-term structural factors.

But compared with the traditional cyclical recovery, as we see, the latest round of recovery features atypical characteristics amid the ongoing impact of COVID-19.

Based on its advantages of a super large market, China should turn to the growth of new technology, new economy and new drivers to buffer external shocks and cyclical downward pressure, said Yang Guangpu, a researcher with the Development Research Center of the State Council.

Also, the newspaper said that cyclical changes exist for graduates seeking jobs every year and the amount of job seekers in the first and second quarters is relatively higher.

However, we expect both improved implementation of these long-term policies and 'less tight but not loose' cyclical policies in 2022 amid downward pressure on growth.

In the coming five to 10 years, China will see cyclical market fluctuations effectively alleviated and pork supply security capabilities increased, with an aim to maintain the market's self-sufficiency rate at around 95 percent, according to the guidelines.

In the coming five to 10 years, according to the guidelines, China will see cyclical market fluctuations effectively alleviated and pork supply security capabilities increased, to maintain the market's self-sufficiency rate at around 95 percent.

The Chinese authorities always take into account both cyclical and structural elements of the economy, and give targeted policy support to weak economic spots, while avoiding flooding the economy with liquidity and keeping on optimizing China's economic structure.

She said the fluctuations in key indicators' growth rate are mainly due to the low base effect, domestic COVID-19 cases, heavy rains and floods in some parts of China, and structural and cyclical factors.

To cope with international macro policy cyclical changes, we should formulate the macro policies accordingly, to be better prepared.

Macro-policies should focus on supporting the real economy, promoting employment, stimulating the vitalities of market entities and coping with potential cyclical risks, Xu added.

Despite decreases from a month earlier, sub-indexes of the logistics sector remained in the expansion zone, indicating a cyclical pullback in logistics business activity with the overall growth continuing to be steady, the CFLP noted.

In the coming five to 10 years, China will see cyclical market fluctuations effectively alleviated and pork supply security capabilities increased, with an aim to maintain the market's self-sufficiency rate at around 95 percent, according to the guidelines jointly released by government agencies including the Ministry of Agriculture and Rural Affairs.

More efforts should be made to give full play to the decisive role of the market and allow the government to play a better role, with more market-based methods implemented to alleviate cyclical fluctuations.

While cyclical fluctuations of pork supply and prices are a worldwide phenomenon, such volatilities are especially high in China, partly because the majority of the country's pigs are produced on family farms.

However, the World Bank cautioned that following this year's cyclical rebound, China's economy is projected to slow over the medium term, reflecting the legacies of excessive borrowing as well as structural trends, including declining labor supply and softening productivity growth.

The rise in commodity prices is mainly affected by the international market, yet a broader background is a cyclical recovery and stronger demand.

Robin Xing, chief China economist of Morgan Stanley, said on Tuesday that China's cyclical recovery in manufacturing capex will even outpace the pre-COVID levels, thanks to the robust external demand.

"We expect a strong cyclical recovery in manufacturing capex to above the pre-COVID trend on the back of robust external demand," said Robin Xing, chief China economist of the bank, in the co-authored report.

The outperformers may come from cyclical sectors where the recovery in supply cannot swiftly catch up with demand, such as ferrous and nonferrous metals, companies that are the biggest beneficiaries of the global recovery, and manufacturers whose profitability will improve as the rise in commodity prices tapers, Yu said.

Experts: Modest contraction in Caixin factory data for Feb cyclical, not a worryThe modest contraction seen in factory activity in February is purely a cyclical phenomenon and economic recovery momentum is still robust in China, experts said on Monday.

As cyclical impacts wrap up, the subindexes of the PMI, including manufacturing, services and construction industry activity, are all expected to pick up in March, further buoying the headline index.

Cyclical assets are forecast to perform well in the first half of the year, while assets connected to business growth are probably worthy of long-term deployment in the second half.

Cyclical stocks that are sensitive to a recovery in capital spending, such as industrials and materials, have the brightest prospects as these industries should benefit from pent-up demand from companies that need to upgrade their technology.

These sectors offer exposure to global reflation, without the secular and environment-related headwinds that weigh on other cyclical sectors like banks and energy.

"At the same time, cyclical upturn is helpful for government revenues and local governments have been asked to cut spending when possible.

Given that the turnaround in major economic indicators in September reflects China's rapid economic recovery with the pandemic under control, institutional investors－especially overseas investors－have their eyes on undervalued cyclical industries.

The inflow of northbound capital in the third quarter is a likely prelude to price increases among cyclical companies, Yang said.

"The steel sector, according to the association, is currently undergoing cyclical adjustments, facing challenges like a sluggish recovery in demand from the traditional real estate sector, increasing periodic supply-demand imbalances and diminishing industry profits.

"The 2022 White Paper on China's Cyclical Fashion Industry, issued by the Central University of Finance and Economics, Sina Fashion and secondhand luxury trading platform Hongbulin forecast that by 2025, China's secondhand luxury market will surpass 100 billion yuan.

The change is cyclical," Lin said.

Xie suggested investors target real estate benefiting from the new economy such as logistics, warehouses, business parks and data centers, and seize cyclical opportunities in the office and retail sectors.

Since last year, the country has implemented a string of policies to encourage hog production and stabilize pork prices affected by African swine fever and other cyclical factors.

He Hui, director of the China Logistics Information Center, attributed the slowdown to cyclical factors such as the Spring Festival holiday.

Prices of pork, a staple meat in China, have been soaring in recent months, mainly caused by African swine fever and cyclical factors.

Affected by African swine fever and cyclical factors, prices of pork have been soaring this year as supply falls short of demand.

"We are at the brink of a major manufacturing recovery considering the cyclical pattern of the Chinese economy, predicated on policy support from both the fiscal and the monetary side and progress toward the resolution of Sino-US trade friction," he said.

Despite a cyclical decline of the index, it still remains in the expansionary territory, said He Hui, director of the China Logistics Information Center.

The construction machinery manufacturing industry is a highly cyclical business.

We see a lot of opportunities in China with such a background, and recommend investors to balance between cyclical and structural investment," said Duncan.

Besides cyclical opportunities, China's fast urbanization, consumption upgrading as well as aging population provides various structural investment opportunities to help investors weather the volatility of the economic cycle.

From the perspective of the capital market, the chip industry is in cyclical fluctuations, and there are cyclical investment opportunities, which can fuel the growth of domestic chip companies.

Generally speaking, cyclical investment opportunities are divided into long-term, medium-term and short-term ones.

With an eye on the long run and a start from the present, the PBOC said it is essential to firmly rectify any cyclical market behaviors, resolutely address any actions that disturb the market order and decisively guard against the overshooting risks of the renminbi exchange rate.

Investors who had adopted a wait-and-watch stance can now consider gradually increasing their holdings in the A-share cyclical sector, technology firms and companies with high returns and sustainable sound business performance, he said.

Given the cyclical rise of the renminbi's value in the fourth quarter, the liquidity for the A-share market will improve and foreign capital inflow may accelerate in the following months.

It is favorable for cyclical industries closely linked to interest rates, as well as the insurance and brokerage sectors.

In addition, the economy is now at a cyclical low point if seen from the perspective of an economic cycle, and is still far from its full potential growth track if seen over the long term.

China's cyclical growth momentum is expected to strengthen in the second half of the year, investment bank Goldman Sachs predicts.

Robin Xing, chief China economist at Morgan Stanley, believes that this year, fiscal expenditure growth could still strengthen due to a cyclical recovery in revenue.

The US commercial real estate industry is also experiencing a cyclical adjustment and smaller banks have significant exposure to related risks.

Regarding the fall in price growth in April, Meng said such a slowdown is partly imported and can be mainly attributed to cyclical and seasonal factors.

Generally speaking, REITs invested in office buildings and hotels are cyclical, in other words, more affected by changes in the economic cycle.

Exporters usually make cyclical exchange settlement before Chinese Lunar New Year, which starts on Jan 22 this year.

Experts warned that the economy faces multiple cyclical and structural headwinds, saying recessions across key advanced economies, a downturn in the global manufacturing cycle, and a protracted domestic real estate correction will weigh on China's near-term outlook.