Having been ahead of the pack in calling the halving of Chinese growth we found ourselves on the optimistic side of the debate. Consensus was the China's debt overhang would severely limit growth, or even trigger a recession.
Growth has slowed sharply in 2014, but the economy's painful rebalancing has only just begun. The adjustment after year's of over-investment and an alarming build-up of debt since the crisis was never going to be easy. Activity will probably remain weak at 4-5% in 2015, but a recession is unlikely. (LSR View 11th December 2014)
Growth stabilised at around 4% on LSR numbers. Global investors became less fearful of a debt blow-up in the short-term.