● China’s economy expanded 6.8% YoY in 4Q08, in line with our
expectation. The economy grew 9% in 2008.
● The most important data is industrial production growth for
December, which rebounded to 7% YoY from 5.4% in November.
● This set of data appears to be more solid than what most analysts
feared and what the poor power consumption data suggested.
● We are maintaining our current view and forecasts for the
economy. We think that this set of data probably will not trigger
additional policy response, which was already massive
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