China just posted its worst stretch of economic data in years, and the ripple effects won’t stay contained to Beijing.
The numbers tell a grim story
Fixed-asset investment in China fell 2.6% year-on-year across the January-November measurement period. That’s the first annual decline in roughly 30 years.
The culprit is no mystery. Real estate investment cratered approximately 15.9% in the first 11 months compared to the prior year. New home sales by value dropped 11.2% over the same period.
Retail sales managed just 1.3% year-on-year growth in November. That’s the slowest pace since COVID restrictions were lifted in December 2022.
