瑞银-中国宏观经济展望：数说中国（2018年1月）-2018.1.29-26页

www.ubs.com/economicsThisreporthasbeenpreparedbyUBSSecuritiesAsiaLimited.ANALYSTCERTIFICATIONANDREQUIREDDISCLOSURESBEGINONPAGE23.??GlobalResearch29January2018ChinaEconomicPerspectivesChinabytheNumbers(January2018)OurguidetoChinesemonthlydataWhatthenumbersare,whattheymean,andtheoutlookgoingforward:What’snew?2017realGDPgrowthstrongerthanexpectedat6.9%.ChinasQ4realGDPgrowthstayedstrongat6.8%y/y,stabilizingsequentially.IPcooledslightlywhileservicesectoractivityexpandedrobustlyagain.RealexportsacceleratedfromQ3.BothinfrastructureandpropertyinvestmentmoderatedinQ4,butweremorethanoffsetbyareboundinmanufacturingandotherinvestment.?PropertysalesandstartspickedupinQ4butinvestmentslowed.Decembersalesedgedupto6.1%y/y,helpingaslightreboundinQ4sales.Newstartsandlandpurchasealsostrengthened,butcompletion,under-construc