Industrial What does air pollution tell us about industrial activity?

Adjusted* air pollution across China (a reflection of industrial activity) began to fall at the start of the outbreak.

21 Apr 2020
  • As of March 23, pollution in Guangdong province continued to decline steadily and was down 10% vs. a year earlier.
  • After bottoming in early February, pollution in Hubei has been rising and was down only 8% y/y in late March.

Guangdong: Adjusted* PM 2.5 Pollution Index – Change y/y

Source: UBS Evidence Lab, World Air Quality Index

Hubei: Adjusted* PM 2.5 Pollution Index – Change y/y

Source: UBS Evidence Lab, World Air Quality Index