From Capital Economics on today’s GDP print from China:
GDP growth edged down from 6.5% y/y in Q3 to 6.4% last quarter, in line with both the Bloomberg median and our forecast. GDP growth for 2018 as a whole was 6.6%, down from 6.8% in 2017. The official GDP figures have been too stable in recent years to be a good guide to China’s economic performance. Our own measure, the China Activity Proxy (CAP), suggests that growth has already slowed by one percentage point since mid-2017
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