FAST FIVE: China Growth Slows To 29 Year Low In 2019 Despite Q4 Rebound
Source: Bloomberg But the Chinese stock market refuses to play along with the credit impulse.
China Dec Property Investment FELL YoY +9.9% vs +10.2% prior.
industrial output grew faster than all 41 estimates (with grain output reached a record high in 2019 as pork output fell 21.3% last year).
As a reminder, the official target range for China GDP growth for the year was 6.0-6.5%, with tonight's slightly disappointing data (vs +6.2%) confirming 2019's +6.1% is the weakest annual expansion since 1990.
(more non-economically-catalytic stimulus?) Seems like it doesn't matter as we note that 10Y Taiwan debt traded down to a 60bps yield – a record low – as the Taiwan stock market hit new record highs.