Commentary from the Stats folks in China following the data earlier:
- China November Industrial Production 7.0% y/y (vs. expected 7.0%)
- China officials comment following November activity data - Q4 GDP to outpace Q3
Now this remark on 'targeted policy changes' could be made as the economy improves. What that means is a potential pulling back on stimulus, but of course, the NBS is not going to flag specific policy changes. Check out that first link above (to the data) and you'll see the weight of state-owned investment supporting China's economy, with private investment finally turning positive for the year. There is scope to wind back public investment as private sector activity picks up.
