December economic data in a nutshell: December data was a bit softer than the previous month, but Q4 points to a modestly weaker but broadly stable economy. Concerns over hard-landing economic prospects are overdone. Consumption remains strong. Service growth is robust. Heavy industries, like steel and cement, are still falling like a bag of hammers as overcapacity weighs on traditional growth driver sectors. Fiscal expenditures picked up. Credit growth has stabilized at a weak 11-12%. The housing market is improving, and constriction is less negative.
Here is my Chartbook for more info: