ANZ write that "the expansion in China's......>

CHINA: ANZ write that "the expansion in China's fixed asset investment (FAI)

over the first two months of 2019 reflects the effects of supportive policy

measures implemented in late 2018. Growth in China's property investment jumped

significantly despite a deterioration in local developers' funding conditions.

We thus remain wary of near-term credit risks in the sector but are comfortable

with the full-year property investment outlook. Meanwhile, the headline

industrial production (IP) growth hit a decade-low of 5.3% y/y, with the

manufacturing sector still in the doldrums. Overall, investment remains the key

near-term driver to stabilise growth as recently announced tax cuts have yet to

feed through to the broader economy."