GDP; Big Beijing meeting but not the Plenum;…

The 2018 GDP data are in focus today. There were no big surprises, as expected, but we can see clearly from the data and the official reactions that the economy is struggling. Today marks the official start of the 40 day migration for Spring Festival. The Year of Pig starts February 5, it is worth remembering that given the massive disruptions from the holiday the economic data for January and February will be especially squirrelly.

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