Fixed asset investment growth has decreased to 5.35% growth in YTD YoY growth. That is the YTD low and a drop from the February 2018 high of 7.9% growth. To put this in perspective growth has not been this low since 1992. However, the fixed asset growth number is just part of the story. Real estate investment remains a preferred form of investment in China and as can be seen below the numbers show real estate growth at 10.1%. This leaves us to believe that if real estate and manufacturing are growing well that leaves infrastructure as a weak point. Overall, we believe the takeaway here is that China is working to prevent an economic slowdown and if these numbers are any indication the slowdown is winning.