China ticking along nicely
Fixed asset investment figures for the first 5 months showed a 33% increase YoY. For May alone it was up 38% YoY. Within that real estate investment in May was up 12% versus a 6% improvement in April. Despite these big numbers, the stimulus measures continue.
Auto numbers were up by a similar quantum YoY supporting evidence of renewed consumer confidence.
We have said before that China cannot save the world single handed but that it can save itself. The evidence appears supportive.