Data Flash is a brief interpretive summary of China’s official monthly economic data release. 

• November loan data show a continuation of a seven-month trend: softening household loan growth coupled with strengthening corporate loan growth.
• Housing sales and investment growth continue to moderate, but growth in housing construction tipped up in November after a four-month decline.
• Industrial production (IP) growth eased again in November. Production dropped in steel, aluminum, plate glass, and some other heavy industries. This is likely due to reportedly increasing factory closures in the name of pollution control during the winter heating season.
• Fixed asset investment (FAI) growth moderated slightly in November for the fifth straight month.