Yes, this is one month, and Lunar New Year means we need to see the February/March data too; but if the January pace is kept up China is already throwing the whole kitchen at the economy. It borrowed FIVE PERCENT OF GDP IN ONE MONTH. That’s 60% of GDP in a year. That’s a peak-WW2 level of borrowing. Does it suggest a real trade deal is coming? Or that China is backing away from its state-led model? Try to understand that. (And be very nervous on CNY.)
