From CNBC: 2024-07-14 22:22:14

China’s second-quarter GDP rose 4.7%, missing expectations of 5.1%. June retail sales also fell short, up 2% instead of the forecasted 3.3%. However, industrial production exceeded estimates, growing 5.3% in June. China’s urban fixed asset investment for the first half of the year rose by 3.9%, meeting expectations.

China’s National Bureau of Statistics did not hold a press conference for the data release. China’s high-level policy meeting, the Third Plenum, began Monday and is set to conclude on Thursday. China’s urban unemployment rate stood at 5% in June, the same as the previous month. China’s GDP grew 5.3% year on year in the first quarter.

China’s exports rose 8.6% from a year ago, exceeding expectations, while imports fell by 2.3%. Other measures indicated subdued domestic demand. China’s consumer prices rose 0.2% in June, missing expectations. Core CPI, excluding food and energy prices, rose 0.6% year on year in June.

China’s latest credit data showed a significant decrease in the growth of broad money supply and new yuan loans in the first half of the year compared to 2023. Household loans increased by 1.46 trillion yuan, less than half of last year’s 2.8 trillion yuan. Business loans increased by 11 trillion yuan.

Read more: China reports second-quarter GDP growth of 4.7%, missing expectations