These data points have been combined this month, so instead of getting January data and February each is a January AND February (combined) result
- The data combine January and February in an attempt to "smooth" anomalies that may have occurred over the lunar new year holiday.
- We normally get m/m and YTD figures for these data, but given the combination of January and February the "m/m" and YTD are the same for this release
Industrial Production MISS at 5.4% y/y YTD
- expected 5.6%, prior 5.9%
Retail Sales MISS at 10.12% YTD y/y
- expected 10.8%, previous was 11.1%
Fixed Asset Investment (Excl. Rural) YTD beats at 10.2% y/y (a beat, stimulus cash being put to work I suppose)
- expected 9.5%, prior 11.1%
(All these 'expected' are form Reuters polls)
Comments from the Chinese National bureau of Statistics:
- Slowdown in January-February factory output growth is due to structural adjustments, seasonal factors
And, summary comments on Bloomberg:
- China's industrial production and retail sales both slowed in the first two months of the year
- Underscoring pressure to step up stimulus to meet this year's annual growth target
- The reports highlight the choice facing policy makers: step up monetary and fiscal stimulus and build up more debt, or let the nation's industrial engines slow further while reducing overcapacity in the steel, cement and coal sectors
