These numbers show China is finally doing a rebound

Even amid GDP growth slowing to 7.4% from 7.6% in Q2.

Accordin to Nomura, China‟s GDP growth slowed to 7.4% y-o-y in Q3 from 7.6% in Q2, in line with market expectations.

Here's more from Nomura:

However, activity indicators all surprised on the upside in September. Industrial production growth rose to 9.2%. Fixed asset investment (FAI) picked up to 20.5%, while retail sales rose to 14.2%.

These data reinforce our view that growth will rebound sharply in Q4. Q3 GDP growth slowed but this was largely due to subdued activity in July-August.

Strong signals from September activity indicators suggest economic momentum is picking up. This is consistent with other signals released over the past weeks, including the sharp pickup of export growth, strong monetary stimulus
evidenced by the surge of "total social financing" and the rise in M2 growth, and a rebound in both the official and HSBC PMIs.

The sharp rise in FAI growth was partly the result of infrastructure investment growth, which rose to12.6% y-o-y year-to-day in September from 10.3% in August. Manufacturing FAI declined to 23.5% y-o-y from 23.9%, while housing investment dropped only marginally to 15.4% y-o-y from 15.6%.

The planned investment for new projects launched in September rose to 25.7% y-o-y year-to-day in September from 24.9% in August, which suggests infrastructure investment growth will likely rise further in the coming months.

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