Economic headwinds are getting stronger by the day in China.

New data on Wednesday showed that housing prices slowed broadly in December, increasing just 0.9% for the month. The numbers are a far cry from last December, when the monthly increase was 9.7%.

The stark year-on-year difference is only partially an outcome of a wider slowdown brought on by the US-China trade war. It also stems from the Chinese government pumping the brakes on easy money earlier this year in an effort to curb debt accumulation. These earlier efforts are now falling by the wayside as the dictates of short-term economic health eclipse worries of a more systemic debt crisis down the line.

The trade data for December was even worse. The month saw a 4.4% decrease in exports, even as China reported its highest annual trade surplus with the United States since 2006. Imports also declined by 7.6% on flagging investment and domestic consumption.

Finally, in a much publicized miss, car sales declined on an annual basis for the first year since 1990, falling 2.8% in 2018.