MNI BRIEF: China's Q2 GDP Beats Expectations To Grow 5.2%

The Chinese economy grew by 5.2% y/y in Q2, outperformaing market expectations of 5.1%, according to data released Tuesday by the National Bureau of Statistics. This brings H1 growth to 5.3%.

Retail sales, a gauge of consumption, slowed to 4.8% y/y in June from May's 6.4% growth, marking a four-month low and missing the 5.3% forecast.

Industrial production increased 6.8% y/y in June to hit a three-month high, up from May's 5.8% growth and above the expected 5.6%.

Fixed-asset investment decelerated for the fourth month to 2.8% y/y in H1, compared to the 3.7% reading in the Jan-May period, underperforming expectations of 3.6%. Property investment fell by 11.2%, expanding from the previous 10.7% decline and hitting the lowest level since Feb 2020.

Infrastructure investment and manufacturing investment grew by 4.6% and 7.5%, compared with the previous 5.6% and 8.5%. (See MNI: China's GDP Faces H2 Growth Challenges)