China’s Q1 GDP came in as expected at 6.8%/yr, but the activity data for March was mixed, notes the research team at TDS.
“Retail Sales +10.1%/yr beat street forecasts of +9.7%/yr, pointing to firm consumption, but Industrial Production (+6%/y vs +6.3% f/c) and Fixed Asset Investment (+7.5%/yr vs +7.7% f/c) missed street forecasts. Strong consumption, which is consistent with the rebalancing story which should give Chinese officials to shore up financial stability and trim leverage.”
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