China’s September data-drop, like August, affirms the weak domestic demand; increases in net exports failed to make up the gap On the consumer side, new lending remains weak, with September’s value 18.5% down from last year. China launched interest subsidies for personal consumption loans at the start of September, but this has yet to succeed in boosting spending Reflecting this, real retail sales growth slowed slightly — although state subsidies have succeeded in temporarily propping up domestic demand for durable