Industrial China is alive and well despite concerns of an economic slowdown. It just doesn’t look like it did before — or at least, what everyone is used to. Data this past week showed a dismal picture: Industrial output rose 3.8% from a year earlier, which was below expectations, fixed investment grew slower than forecast and credit, usually a sign the economy is pushing through, was weak. Property sector figures, long taken as an indication that authorities were going to keep developers’ debt-fueled building extravaganza on course, were depressing all around.