China’s Industrial Output Growth In 2014 Worst In Over A Decade

Jon Alternative Media, Blogosphere, Economy

Having told the world that it will not be undertaking system-wide rate cuts or stimulus – focusing more on idiosyncratic safety nets – last night’s data from China is likely to have the PBOC frowning. Fixed Asset Investment (lowest growth since Dec 2001) and Retail Sales (lowest growth since Feb 2006)missed expectations, but it was the re-slump in Industrial Production (after a small ‘huge-credit-injection-driven’ bounce in September) that is most worrisome as China’s 2014 output is growing at its slowest since at least 2005. As Michael Pettis previously noted “China will be no different… growth miracles have always been the relatively easy part; it is the subsequent adjustment that has been the tough part.” Of course, this is not the ‘soft-landing’ so many bulls have expected, which, if enabled by moar credit, as Pettis warned “will inevitably lead to a very brutal hard landing.”
China Fixed Asset Investment YoY Growth slumps to 13 year lows…

This post was published at Zero Hedge on 11/13/2014.