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The transformed Chinese consumption-based economy is currently rising very slowly, growing only 1.7% year-on-year in December. In contrast, fixed asset investment grew 4.9% year-to-date YoY, and production grew 4.3% YoY in December.
Investment growth has been the strongest, but it is still very slow by Chinese standards. This part of the economy has been affected by the deleveraging of the real estate sector.
The PBoC did not cut rates in February, even though bond defaults are on the rise again after the Chinese New Year holidays.