China's FAI release today indicated further downwards revisions to historic series from Nov 2019 (by Rmb4.68trn), based on historic data from last month. This following the removal of Rmb3.6trn worth of historic investment in October. Without, Jan-Nov FAI wouldve been -6.4% yoy https://twitter.com/nickm4rro/status/1318222658052317186
China needs Rmb5.2trn in Dec for 0% FAI growth from full year 2019 (Rmb55.14trn), based on Nov stats (Rmb49.95 YTD). That'll be tricky owing to seasonal slowdown in investment+exhaustion of special purpose bond issuance. Unless of course downward revisions in Dec exceed Rmb5trn
There's a valid discussion on how revisions to China's stats methodology might explain this, but these adjustments have removed Rmb11.1trn out of the historic data series--and that's just since September. That huge number is concerning, regardless of official explanations.
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