China's National Bureau of Statistics yesterday flooded the market with new data relating to the health of the domestic economy. While the numbers were a little lower than expected, it was enough for investors to push the Hang Seng Index in Hong Kong to a 12-month high, at 21,074 points.
The headline figure for many observers was July's fixed asset investment FAI growth, which was up between 25% and 27%, according to Credit Suisse estimates. The reason for this, said the Swiss-bank in a research note, is that government-driven infrastructure spending has moderated, but FAI spending relating to housing is gaining pace.
Much of the FAI spending is driven by access to easy credit....
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