A Breakdown of Chinese Data


The overall figure remained close to 7% y/y and 0.1 p.p. higher than market estimates.

Source: Bloomberg
Another positive surprise is an upward revision of the previous quarter by 0.1 p.p. A quarterly dynamics was higher than market expectations - the reading beat estimates by 0.1 p.p. (1.8% q/q).
However, while taking a longer term view, little can be seen in the chart below, which could be called a rebound.

Source: Bloomberg