Chinese data misses big, economy slows fast

Lordy, China data is a mess. Base effects have distorted everything. If we look through the fog what we find mostly is a disappointment. First-quarter GDP was only 0.6%, far below the forecast 1.4%. That is disguised by year on year figures which are wonky as anything 18.3%:

The internals for the month of March were just as warped with industrial production at 14.1% versus 18% expected, retail sales at 34.2% beating 28% expected and fixed asset investment was 25.6% YTD roughly as expected. Below is the distorted YTD chart:

There are 2045 words left in this subscriber-only article.

Start your free 14-day trial today!

Comments are hidden for Membership Subscribers only.