Key Takeaways December activity points to continued supply-demand imbalance: While industrial production YoY rose 40bps to 5.2% on export strength and quarter-end window dressing, retail sales YoY refreshed its post-Covid low, down a further 40bps to 0.9%Y, due to a high base and negative wealth effect from continued housing downturn. Reflecting the demand weakness, GDP deflator remained subdued at -0.7%Y in 4Q (vs. -1%y in 3Q), keeping nominal GDP subdued at 3.8%Y. January 19, 2026 05:14 AM GMT China Econo ...