The Chinese economy expanded 7.5% year-over-year in the second quarter, compared with a 7.4% rise in Q1.
This modestly beat expectations for a 7.4% rise.
Year-to-date Chinese GDP climbed 7.4% in line with expectations.
Beijing unleashed a mini-stimulus to support growth after the lackluster first quarter.
We also got a string of other economic data to give us clues to the health of the Chinese economy.
Retail sales climbed 12.4% in June, modestly below expectations for a 12.5% rise.
Fixed asset investment (FAI) climbed 17.3% YoY, beating expectations for a 17.2% rise. And this compared with a 17.2% rise in May.
Finally, industrial production is expected was up 9.2% YoY in June, compared to an 8.8% rise in May, and beating expectations for a 9% rise.
On Tuesday we saw Chinese credit data come in much stronger than expected with new loans surging to 1.078 trillion yuan in June, from 871 billion yuan in May. This far surpassed expectations for 955 billion yuan.
Total Social Financing (TSF) surged to 1.98 trillion yuan in June, from 1.40 trillion yuan in May, and beating expectations for 1.42 trillion yuan.
This prompted Bloomberg economist Tom Orlik to tweet that growth is now Beijing’s top priority:
“China’s recovery remains on track and the economy is stabilizing in the near-term,” UBS’ Wang Tao wrote in a note ahead of the data release. “However, headwinds from the ongoing property slowdown will likely intensify later this year and pose headwinds into next year. As growth momentum starts to ebb, pressure on the government to step up policy support will swell again.”
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