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Data Flash is a brief interpretive summary of China’s official monthly economic data release.
Monthly fixed asset investment in the property sector contracted in August, compared to the previous year – only the second time this has happened since 1999. It was down by -1.1 percent y-o-y in the month compared to growth of 2.9 percent in July. This one data point explains the short-term dynamics behind China’s on-going slowdown, and the reasons that it will continue to deepen this year and next.