Kagenmi
The official data showed that China’s economy expanded 4.7% in the second quarter from a year ago, lower than the 5.3% seen in the previous quarter and missing expectations for a 5.1% growth.
This marked the weakest yearly advance since Q1 of 2023, amid a persistent property downturn, weak domestic demand, falling yuan, and trade frictions with the West.
During H1 of 2024, the economy grew 5.0%. The government is targeting the GDP to grow by around 5.0% this year.
The Chinese economy grew by a seasonally adjusted 0.7% in Q2 of 2024, after a marginally revised 1.5% increase in Q1.
Meanwhile, the country’s industrial production rose more than expected to 5.3% in June, albeit the softest in three months, while retail sales eased to a 17-month low of 2%.
Investors are now keenly awaiting the outcome of the Third Plenum, which starts today and runs until July 18th, hoping to gain valuable insights into the country’s economic trajectory.
The Shanghai Composite rose 0.1% to 2,974.5 as investors reacted to mixed economic data on Monday.
ETFs: (FXI), (KWEB), (CQQQ), (MCHI), (ASHR), (YINN), (TDF), (CHIQ), (GXC), (EWH), (KBA), (YANG), (CXSE), (CAF), (CWEB), (PGJ), (KURE).
Currency: (CNY:USD)
