China: 4Q and December activity growth largely in line with expectations – Goldman Sachs

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  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Delhi) – Research Team at Goldman Sachs, notes that the Chinese 4Q and December activity growth was largely in line with expectations.

    Key Quotes

    “With mission accomplished in terms of keeping 2015 growth near target, and sequential growth in November and December above target, we may enter a period of less intensive cyclical policy support. Sequential growth is likely to slow in 1Q this year.

    Key numbers:

    • Industrial production (IP): +5.9% yoy in December (GS forecast: + 5.9% yoy, Bloomberg consensus: +6.0%); November: +6.2% yoy.

    • Sequential IP growth (month-over-month annualized, after X-12 seasonal adjustment) +10.8%; November: +10.2%.

    • Retail sales: +11.1% yoy in December (GS: +11.0%, consensus: +11.3%); November: +11.2% yoy.

    • Fixed asset investment (FAI): +10.0% ytd yoy in December (GS: +10.2%, consensus: +10.2%); November ytd yoy: +10.2%. December single month yoy: +8.5% yoy vs. November +10.2% yoy.

    • Q4 GDP: 6.8% yoy (GS forecast: 6.9% yoy, consensus 6.9% yoy)”
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