August data from China, from the National Bureau of Statistics (NBS)
Fixed Assets (excluding rural) YTD 7.8% y/y MISS
- expected 8.2%, prior was 8.3%
Retail Sales 10.1% y/y MISS
- expected 10.5%, prior was 10.4%
Retail Sales YTD 10.4% y/y in line
- expected 10.4%, prior was 10.4%
More:
Growth of private investment slowed to 6.4 percent in January-August
- from 6.9 percent in the first seven months of the year
Indicative perhaps of small- & medium-sized private firms still facing challenges in accessing financing. Net that private investment accounts for about 60 percent of overall investment in China.
Real estate investment in China in January-August rose 7.9 percent y/y
- unchanged from from first seven months of 2017
New construction starts measured by floor area were up 7.6 percent in January-August y/y
- 8 percent rise in the first seven months this year
Property sales measured by floor area grew 12.7 percent in January-August y/y
- 14 percent in the first seven months of the year
A slight cooling in the property market - will be welcomed by China's policy makers. It's a balancing act to keep it in the 'just right' zone - too dramatic a slowing risks investment & construction activity.
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ps. the industrial production data is on a separate post (it's a horrible miss on expected)
