China data.

The activity data is centred on 3 indicators: industrial production, retail sales and fixed asset investment.

china data 17 January 2023

That's a very impressive beat on Retail Sales in particular.

More:

Nationwide jobless rate 5.5%

  • expected 5.8%, prior 5.7%

The data from the property sector is very soft indeed, as you'd expect:

  • China 2022 funds raised by Chinese real estate developers -25.9% y/y
  • China 2022 property sales by floor area -24.3% y/y (biggest fall since this data was made available in 1992)
  • China 2022 new construction starts -39.4% y/y
  • China 2022 property investment -10.0% y/y (the first fall since the record began in 1999)

Chinese authorities have rolled out a series of support policies targeting homebuyers and property developers in recent weeks. These are aimed at relieving the long-running liquidity squeeze that has hit developers and delayed the completion of many housing projects.