China’s SME development index reached 88.9 in July, unchanged from June and reversing the downward trend since April’s yearly high of 89.4, data from the China Association of Small and Medium-sized Enterprises showed on Friday.

The macroeconomic perception, construction and real estate sub-indexes increased by 0.1 points, offset by a 0.1 point fall from the retail sector.

Beijing will likely tilt its support towards consumption in H2 and could issue consumer coupons or other measures that offer subsidies to lower-income households to ensure the economy meets its “around 5%” growth target, advisors and economists recently told MNI. (See MNI: Beijing Shifts Focus To Consumption To Boost H2 GDP)