Income growth in China is below expectation. As seen in the figure below per capita median increased nearly a full point from March 2018 growing from 6.6% and 7.4% . Consumer expenditure is on par with per capita median growth ticking upward from 5.47% to 6.8%. . Per capita disposable growth was relatively flat. The growth however is not on par with retail growth. This specifically important in regard to consumer expenditure. As a result we believe that retail growth is disconnected from consumer expenditure.