China's economy grew by 5.2% in the second quarter, beating analysts' forecasts of 5.1%, but slowing from 5.4% in the first quarter. This brings the country closer to the annual target of 5%, reducing pressure on the authorities on the issue of stimulus measures. However, concerns about deflation and the need for structural reforms are growing. Retail sales in June slowed to 4.8% year-on-year, compared with 6.4% in May, which missed expectations for growth to 5.4%. Sales in public catering, which includes food and drinks, increased by only 0.9%, the lowest since December 2022. Industrial production increased by 6.8%, exceeding forecasts of 5.7%. Investments in fixed assets increased by 2.8% over the past six months, falling short of the expected 3.6%. The decline in real estate investment accelerated to 11.2%, compared with 10.7% in the first five months. The pace of investment in infrastructure and manufacturing has also weakened.
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