Oil drillers and cigarette manufacturers had a decent January and February in China. No one else did.

China’s much-anticipated joint January and February growth data, released Monday, confirmed what had long been apparent in alternative measures such as traffic congestion: The country more or less ground to a halt last month. Industrial growth fell 13.5% on the year—a more abrupt dip than during the financial crisis. Nearly every other indicator also took a record dive. Of 41 major industrial sectors, 39 contracted: oil and...