The CEP Indicator, which reflects analysts' assessments of the macroeconomic outlook for China for the next twelve months, clearly receded in April 2015. For the current survey period (13th - 25th April, 2015), the indicator has a value of 2.6 points and is thus 11.8 points lower than in March. The increases, which had been achieved over the two previous months, have therefore been re-reduced by half. The April figures considerably undercut the indicator's long-term average of 11.0 points, demonstrating that the indicator’s mid- to long-term downward trend, which has prevailed since autumn 2013, is continuing. One possible reason for the expected slowdown of the Chinese economy is the fact that Chinese exports grew slightly less than expected. Looking at the different regions, the economic downturn is expected to have a particularly large impact on Shanghai.