amid sluggish consumer demand, marking the sharpest fall since September 2023, while exports rose by smaller-than-expected 6.7%. Beyond a trade-in program to incentivize car and home appliance sales, Beijing’s stimulus measures that have been announced so far have not targeted consumption directly. While the economic planning meetings last week provided broad strokes of policy focus and direction for next year, more specifics and details will only be unveiled at the annual legislative sessions in March. This is breaking news. Please check back for updates.