WHEN China s 2023 gross domestic product results were published in January, it met expectations of 5.2-percent growth. Under normal conditions, the data should not have caused big market gyrations. However, investors were thirsty for good news of some kind, which the data did not provide. It showed plain development without signs of progress in private consumption, and the real estate market is also under stress. For a market where the investors already had a negative bias, this just fueled more selling. ....