Lower GDP and CPI than expected usually means less tight policies, right?

... but HK/China markets seem not to be seeing it quite that way, if you look at how the equity markets were performing late in the morning session.

	Actual	Survey		Prior
China CPI YoY, %	7.1	7.3	Lower than expected!	7.7	Down on prev. month!
China Real GDP YoY, %	10.1	10.3	Slower than expected!	10.6	Down on prev. month!

(Bloomberg data and ests)