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As far back as 2013, China's macro-economic data has been 'questionably' smoothed at best, and outright fake at worst.
Whether it is trade data ("never been faker" than in 2016) or aggregate production (2018's massive GDP distortions), as economist Nouriel Roubini once asserted, China just makes its numbers up.
Month - Exception
This month was no exception...
Following China GDP's dramatic slowing to just 6.2% YoY - the slowest since record began - there was a delightful surprise to appease those who are wondering whether record credit injections and more easing measures than during the financial crisis had any effect at all.
China - Sales - Production - Spiking - %
China retail sales and industrial production rebounded handsomely with the former spiking 9.8% YoY - the most since March 2018.
There's just one thing though - the entire surge in retail sales (and industrial production) seems to have been triggered by an almost unprecedented sudden surge in auto sales to large (state-owned) enterprises...
% - YoY - Explosion - Sales - SEOs
A 17.2% YoY explosion in sales to SEOs (up from just 2.1% in May) - the most since August 2011 - is almost too good...
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