JPMorgan Econ FI-China A strong start in Jan-Feb activity Revising up curren...-107105822

JPMORGANAsiaPacificEconomicResearch19March2024China:AstrongstartinJan-FebactivityRevisingupcurrentquartergrowthto6.6%q/qsaar•Jan-Febactivitydatacameinstrongerthanexpected,especiallyinproductionEmergingMarketsAsia,EconomicandPolicyResearchandmanufacturingalongwithstrongexportsreleasedearlier.HaibinZhu•Onindustrialproduction,weestimateaverageIPinJan-Febwas1.6%m/m(852)2800-7039haibin.zhu@jpmorgan.comsahigherthantheDecemberlevelGraceNg•Regardingdomesticdemand,retailsalesrose5.5%oya,andonaveragewere(852)2800-70022.4%m/msahigherthantheDecemberlevel.Catering,telecommunication,grace.h.ng@jpmorgan.comsportsandentertainmentoutperformed.TingtingGe•Fixedinvestmentcameinaboveexpectations,rising4.2%oyainJan-Feb.(852)2800-0143Despitecontinuousweaknessinrealestateinvestment(whichfell9.0%oya),tingting.ge@jpmorgan.comstrongmanufacturinginvestment(+9.4%oya)andsteadyinfrastructureinvestment(+6.3%oya)jointlysupportedFAIactivity.JiYan•Regardinglabormarketconditions,thenation-wideurbansurvey-based(852)2800-7673ji.yan@jpmorgan.comunemploymentratemovedupto5.3%inFebruary(vs.5.1%inDecember).JPMorganChaseBank,N.A.,HongKongBranchOut-performanceinthemanufacturingsectordoesnotseemtohavegeneratedthesamepacedincreaseinemploymentduetolabordemanddifferenceswww.jpmorganmarkets.combetweenmanufacturingandservicesectors.•Inresponsetostronger...