Brrrr. Yesterday’s China import slump will have sent a shiver down the spine of investors hoping that the consumer of last resort will save the world from a deeper slowdown. Chinese import growth in December, at 12 per cent year on year, was at a two-year low.

Even so, the domestic demand picture might not be so scary. Somebody is betting on growth: in volume terms, imports of raw materials were robust. Copper hit a monthly record of 500,000 tonnes, up almost 50 per cent, while iron ore was up almost a fifth from a year earlier. Crude oil showed a similar pattern. Granted, Chinese traders may be taking advantage of lower prices to boost stockpiles. But that suggests they believe they can sell the stocks on to local buyers.

After all, China’s property and infrastructure markets are big drivers of commodity demand. Fears of a rout in these segments – which, combined, make up over half of China’s gross domestic product – may be overdone. Fixed asset investment grew by about a quarter last year and continued urbanisation should keep it robust. Meanwhile, growth in property investment surged by a third. Although Beijing badly wants this breakneck growth to slow, it dare not risk a crash. Affordable housing projects are going ahead. And so long as inflation remains in check (estimates for December inflation are about 4 per cent), policymakers still have some tools to keep a slump at bay. Home purchase restrictions are being eased and credit caps are loosening – new loans extended in December were the highest since April. An impending relaxation of banks’ reserve requirement ratio should free up more lending.