Chinese GDP is in a hard landing

China’s GDP for the March QTR is out and hit consensus at 7% year on year, a six year low, but missed quarterly at 1.3%, an annualised rate of 5.2%:

The March internals are bad. Industrial production came in at 5.6% y/y versus 7.0% expected and the trend is headed to the woodshed:

All important fixed asset investment fell to 13.5% year to date from 13.9%:

Retail sales fell to 10.2% versus 10.9% expected:

All of these figures are comparable to GFC lows and there is really no other way to describe it than a hard landing, albeit one without crisis.

Sadly, the Australian dollar hardly budged, which is pretty weird given how much worse these figures are than the recent trade data.