China: No major surprises from activity data - TDS

There were no major surprises from Chinese activity data released today as retail sales at +10.7%/y (mkt 10.7%) showed robust consumption continuing to underpin growth, explains the analysis team at TDS.

Key Quotes

“Industrial production is slightly higher than estimates at +6.5%/y (mkt 6.4%), revealing Chinese factories continue to increase production on the onset of brighter global outlook. The only possible dull spot came from fixed assets investment falling slightly short at +8.6% (mkt 8.8%) as the investment cycle might still be softening for the Chinese economy.”