China’s economic ‘activity’ data for December 2023
Misses for retail sales and industrial output.
Investment came in better than (low) expectations:
- private sector fixed asset investment was -0.4% y/y while investment in infrastructure propped numbers up with +5.9% y/y
More:
Urban Unemployment Rate 5.1%
- vs prior 5.0%
2023 property investment dropped 9.6% y/y
For the energy traders, further confirmation of a bounce in demand from China, 2023 refinery output hit a record high, with fuel deamdn cited.
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