ICYMI, China's poor Q2 GDP data is here:
- China June Industrial output +5.3% y/y (expected +5.0%) Retail sales +2.0% (3.3%% exp)
The economic growth data missed both q/q and y/y.
NBS spokesperson:
- 5% GDP growth in h1 'hard won'
- Businesses face relatively big pressures and key sectors face many risks since this year
- China's economy remains key growth engine for the world economy
- Q2 economic growth affected by short-term factors such as extreme weather, flooding
- China's economy medium- to long-term improving trend remains unchanged
- China's economy faces increasing external uncertainties and many domestic difficulties and challenges in h2
- Property market still in process of adjustments
