Much has been made of the difficult decisions facing Chinese policymakers as they struggle to manage growth with increased liquidity issues and rising nonperforming loans on bank balance sheets. The GDP numbers released overnight were largely in line with expectations with annualized GDP rising 7.00%, marking the slowest pace of increase since the last financial crisis. Quarterly GDP surprisingly missed expectations to the downside, expanding at a modest 1.30% and adding to a slew of weak macroeconomic figures. Industrial production fell to a 5.60% annualized growth rate from 6.80% but more concerning was the drop in fixed asset investment which fell to the weakest annual increase since the year 2000. The Shanghai Composite suffered its biggest pullback after recent exponential movements higher, falling -1.18% while the Hang Seng managed to outperform other regional benchmarks, adding 0.35%.