China | Slowed growth on a soft-landing track

China’s 2016 Q4 GDP came out today at 6.8% y/y, marginally higher than the market expectations and the previous reading. The 2016 full year GDP turned out to be 6.7%, surpassing the authorities’ target of 6.5%. December FAI and IP decelerated marginally from their previous readings. As growth headwinds are still ahead, we expect growth to continue its downtrend this year.

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