Iris Pang, economist at ING, notes that China’s fixed asset investment increased by 6.1% year-on-year, year-to-date in February, faster than the 5.9% rate in December.

“Infrastructure investment grew 4.3%YoY YTD in February, 0.5 percentage points higher than the average rate in 2018. The impact of fiscal stimulus on infrastructure investment is likely to become even more obvious as the year goes on, and will be the main driver of economic growth in 2019. This will be particularly true if there is no imminent agreement on a trade deal.”