The FTCR China Business Activity Index, a composite reading of the monthly change in activity in the real estate, export and freight sectors, registered above 50 for the third consecutive month. During November, mortgage rates rose, offsetting improvements in the freight and export sectors. To a great extent, China’s growth depends on its real estate market. In spite of this, the short-term outlook for the country’s housing market is far from positive. The government is removing the stimulus that it used to boost the market’s growth in 2015 and 2016, and the overarching view among leaders is that real estate speculation is a threat to financial stability.