The end of the world is not yet upon us. On Tuesday, China announced December economic figures. Despite fears of a collapse, fourth-quarter GDP growth was just a smidgen behind forecasts, at 6.8 per cent. More importantly for the shift in economic structure, December retail sales growth was above the full-year trend.
Such data — credibly on the slower side of policy-determined numbers — are unlikely to change the view of either the bulls or the bears.
Bulls can say that simple mathematics make a slowdown inevitable. Bears might argue that the country’s mounting debt is more noteworthy than GDP growth.
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