Data out this morning showed that in January and February China’s industrial production grew at 5.3 per cent, lower than expected, down from December’s weak 5.7 per cent, and the slowest pace since 2002. The unusual two-month reporting is an attempt to smooth the effects of the Lunar New Year holiday in February. Adding to these woes mobile phone shipments dropped 20 per cent in February to 14.51 million handsets, the weakest in 6 years.
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