Latest news with #ZhiweiZhang
The Star
15-07-2025
- Business
- The Star
Economy slows as consumers tighten belts
BEIJING: China's economy slowed less than expected in the second quarter of financial year 2025 (2Q25) in a show of resilience against US tariffs, though analysts warn that weak demand at home and rising global trade risks will ramp up pressure on Beijing to roll out more stimulus. The world's No. 2 economy has so far avoided a sharp slowdown, in part due to policy support and as factories take advantage of a US-China trade truce to front-load shipments, but investors are bracing for a weaker second half (2H25) as exports lose momentum, prices continue to fall, and consumer confidence remains low. Policymakers face a daunting task in achieving the annual growth target of around 5% – a goal many analysts view as ambitious given entrenched deflation and weak demand at home. Data yesterday showed China's gross domestic product (GDP) grew 5.2% in the April to June quarter from a year earlier, slowing from 5.4% in 1Q25, but just ahead of analysts' expectations in a Reuters poll for a rise of 5.1%. 'China achieved growth above the official target of 5% in 2Q25 partly because of front-loading of exports,' said Zhiwei Zhang, chief economist at Pinpoint Asset Management. 'The above target growth in 1Q25 and 2Q25 gives the government room to tolerate some slowdown in 2H25.' China's blue-chip CSI300 Index reversed course to trade down 0.1%, while Hong Kong's benchmark Hang Seng cut gains after the data came in, trading up 0.7%. On a quarterly basis, GDP grew 1.1% in April to June, the National Bureau of Statistics data showed, compared with a forecast 0.9% increase and a 1.2% gain in the previous quarter. Investors are closely watching for signs of fresh stimulus at the upcoming Politburo meeting due in late July, which is likely to shape economic policy for the remainder of the year. Beijing has ramped up infrastructure spending and consumer subsidies, alongside steady monetary easing. In May, the central bank cut interest rates and injected liquidity as part of broader efforts to cushion the economy from US President Donald Trump's trade tariffs. Further monetary easing is expected in the coming months, while some analysts believe the government could ramp up deficit spending if growth slows sharply. Separate June activity data also released yesterday underlined the pressure on consumers. While industrial output grew 6.8% year-on-year (y-o-y) last month – the fastest pace since March – retail sales growth slowed down to 4.8%, from 6.4% in May, hitting the lowest since January to February. Indeed, the headline GDP numbers held little sway for most households, including 30-year-old doctor Mallory Jiang, in southern technology hub Shenzhen, who says she and her husband both had pay cuts this year. 'Both our incomes as doctors have decreased, and we still don't dare buy an apartment. 'We are cutting back on expenses: commuting by public transport, eating at the hospital cafeteria or cooking at home. My life pressure is still actually quite high.' China observers and analysts say stimulus alone may not be enough to tackle entrenched deflationary pressures, with producer prices in June falling at their fastest pace in nearly two years. Zichun Huang, a China economist at Capital Economics, said the GDP data 'probably still overstate the strength of growth'. 'And with exports set to slow and the tailwind from fiscal support on course to fade, growth is likely to slow further during 2H25'. Data on Monday showed China's exports regained some momentum in June as factories rushed out shipments to capitalise on a fragile tariff truce between Beijing and Washington ahead of a looming August deadline. The latest Reuters poll projected GDP growth to slow to 4.5% in 3Q25 and 4% in 4Q25, underscoring mounting economic headwinds as US President Donald Trump's global trade war leaves Beijing with the tough task of getting households to spend more at a time of uncertainty. China's 2025 GDP growth is forecast to cool to 4.6% – falling short of the official goal – from last year's 5% and ease even further to 4.2% in 2026, according to the poll. China's property downturn remained a drag on overall growth despite multiple rounds of support measures, with investment in the sector falling sharply in the first six months, while new home prices in June tumbled at the fastest monthly pace in eight months. Fixed-asset investment also grew at a slower-than-expected 2.8% pace in the first six months y-o-y, from 3.7% in January to May. Furthermore, the softer investment outturn reflected the broader economic uncertainty, with China's crude steel output in June falling 9.2% from the year before, as more steelmakers carried out equipment maintenance amid seasonally faltering demand. 'The 3Q25 growth is at risk without stronger fiscal stimulus,' said Dan Wang, China director at Eurasia Group in Singapore. 'Both consumers and businesses have turned more cautious, while exporters are increasingly looking overseas for growth.' — Reuters
DW
15-07-2025
- Business
- DW
China's economy grows 5.2% in Q2 despite US tariffs – DW – 07/15/2025
This year's first-half growth was boosted by government stimulus and a temporary pause in the US-China trade war, which allowed exporters rush out shipments ahead of new tariffs. China's economy grew 5.2% year-on-year in the second quarter of 2025 amid ongoing trade tensions with the United States, official data showed on Tuesday. The second quarter growth was slightly below the 5.4% pace in the first, but keeping on track to meet the government's full-year target of "around 5%." The first-half performance was supported by state stimulus and a pause in US-China trade war escalations that allowed exporters to rush out shipments ahead of potential tariff hikes. "China achieved growth above the official target of 5% in Q2 partly because of front loading of exports," said Zhiwei Zhang, chief economist at Pinpoint Asset Management. Analysts, however, warn that the growth may not be sustainable. Weakened consumer confidence, falling prices, and a deepening property crisis continue to weigh on demand. "The real estate crisis remains a major medium-term drag on local government budgets," said Dan Wang, economist at the Eurasia Group. Investors, meanwhile, are bracing for a weaker second half even as additional stimulus are expected to be considered at the upcoming Politburo meeting in July. At the same time, according to economic research and consulting firm Prognos Institute, Chinese companies now account for 16% of global exports, double that of Germany, raising the stakes in an increasingly competitive global trade landscape. To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video Tensions are simmering between Washington and Beijing as the two nations clash over a range of issues, including Taiwan, emerging technologies and most importantly, trade. Escalating trade tensions, US President announced 145% tariffs on Chinese goods in April. However, negotiations between the two significant economies in May led to lowering of US tariffs to 30% for 90 days to allow for talks, while China also reduced its taxes on US goods from 125% to 10%. US-China competition is already substantially impacting global economy and politics. If the trade war between the two escalates once again, China might try to use the EU market to absorb Chinese production overcapacity. In turn, the US could also redefine goods manufactured in the EU through Chinese direct investment as Chinese products and demand higher levies from EU businesses. Meanwhile, as the US tightens trade restrictions with some Latin American countries, China is expanding its influence across South America.
Mint
15-07-2025
- Business
- Mint
Chinese economy grows 5.2%, beats expectations on strong exports; US tariff risks loom
China's economy slowed less than expected in the second quarter in a show of resilience against U.S. tariffs, though analysts warn that weak demand at home and rising global trade risks will ramp up pressure on Beijing to roll out more stimulus. The world's No. 2 economy has so far avoided a sharp slowdown in part due to policy support and as factories take advantage of a U.S.-China trade truce to front-load shipments, but investors are bracing for a weaker second half as exports lose momentum, prices continue to fall, and consumer confidence remains low. Policymakers face a daunting task in achieving the annual growth target of around 5% - a goal many analysts view as ambitious given entrenched deflation and weak demand at home. Data on Tuesday showed China's gross domestic product (GDP) grew 5.2% in the April-June quarter from a year earlier, slowing from 5.4% in the first quarter, but just ahead of analysts' expectations in a Reuters poll for a rise of 5.1%. "China achieved growth above the official target of 5% in Q2 partly because of front loading of exports," said Zhiwei Zhang, chief economist at Pinpoint Asset Management. 'The above target growth in Q1 and Q2 gives the government room to tolerate some slowdown in the second half of the year.' China's blue-chip CSI300 Index reversed course to trade down 0.1%, while Hong Kong's benchmark Hang Seng cut gains after the data came in, trading up 0.7%. On a quarterly basis, GDP grew 1.1% in April-June, the National Bureau of Statistics data showed, compared with a forecast 0.9% increase and a 1.2% gain in the previous quarter. Investors are closely watching for signs of fresh stimulus at the upcoming Politburo meeting due in late July, which is likely to shape economic policy for the remainder of the year. Beijing has ramped up infrastructure spending and consumer subsidies, alongside steady monetary easing. In May, the central bank cut interest rates and injected liquidity as part of broader efforts to cushion the economy from U.S. President Donald Trump's trade tariffs. Further monetary easing is expected in the coming months, while some analysts believe the government could ramp up deficit spending if growth slows sharply. Separate June activity data also released on Tuesday underlined the pressure on consumers. While industrial output grew 6.8% year-on-year last month - the fastest pace since March, retail sales growth slowed down to 4.8%, from 6.4% in May and hitting the lowest since January-February. Indeed, the headline GDP numbers held little sway for most households including 30-year-old doctor Mallory Jiang, in southern tech hub Shenzhen, who says she and her husband both had pay cuts this year. "Both our incomes as doctors have decreased, and we still don't dare buy an apartment. We are cutting back on expenses: commuting by public transport, eating at the hospital cafeteria or cooking at home. My life pressure is still actually quite high." China observers and analysts say stimulus alone may not be enough to tackle entrenched deflationary pressures, with producer prices in June falling at their fastest pace in nearly two years. Zichun Huang, China economist at Capital Economics, said the GDP data "probably still overstate the strength of growth." "And with exports set to slow and the tailwind from fiscal support on course to fade, growth is likely to slow further during the second half of this year." Data on Monday showed China's exports regained some momentum in June as factories rushed out shipments to capitalise on a fragile tariff truce between Beijing and Washington ahead of a looming August deadline. The latest Reuters poll projected GDP growth to slow to 4.5% in the third quarter and 4.0% in the fourth, underscoring mounting economic headwinds as U.S. President Donald Trump's global trade war leaves Beijing with the tough task of getting households to spend more at a time of uncertainty. China's 2025 GDP growth is forecast to cool to 4.6% - falling short of the official goal - from last year's 5.0% and ease even further to 4.2% in 2026, according to the poll. China's property downturn remained a drag on overall growth despite multiple rounds of support measures, with investment in the sector falling sharply in the first six months, while new home prices in June tumbled at the fastest monthly pace in eight months. Fixed-asset investment also grew at a slower-than-expected 2.8% pace in the first six months year-on-year, from 3.7% in January-May. The softer investment outturn reflected the broader economic uncertainty, with China's crude steel output in June falling 9.2% from the year before, as more steelmakers carried out equipment maintenance amid seasonally faltering demand. "Q3 growth is at risk without stronger fiscal stimulus," said Dan Wang, China director at Eurasia Group in Singapore. 'Both consumers and businesses have turned more cautious, while exporters are increasingly looking overseas for growth.'
Business Times
15-07-2025
- Business
- Business Times
China's economy slows as consumers tighten belts, US tariff risks mount
[BEIJING] China's economy slowed less than expected in the second quarter in a show of resilience against US tariffs, though analysts warn that weak demand at home and rising global trade risks will ramp up pressure on Beijing to roll out more stimulus. The world's No. 2 economy has so far avoided a sharp slowdown in part due to policy support and as factories take advantage of a US-China trade truce to front-load shipments, but investors are bracing for a weaker second half as exports lose momentum, prices continue to fall, and consumer confidence remains low. Policymakers face a daunting task in achieving the annual growth target of around 5 per cent - a goal many analysts view as ambitious given entrenched deflation and weak demand at home. Data on Tuesday showed China's gross domestic product (GDP) grew 5.2 per cent in the April-June quarter from a year earlier, slowing from 5.4 per cent in the first quarter, but just ahead of analysts' expectations in a Reuters poll for a rise of 5.1 per cent. 'China achieved growth above the official target of 5 per cent in Q2 partly because of front loading of exports,' said Zhiwei Zhang, chief economist at Pinpoint Asset Management. 'The above target growth in Q1 and Q2 gives the government room to tolerate some slowdown in the second half of the year.' BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up China's blue-chip CSI300 Index reversed course to trade down 0.1 per cent, while Hong Kong's benchmark Hang Seng cut gains after the data came in, trading up 0.7 per cent On a quarterly basis, GDP grew 1.1 per cent in April-June, the National Bureau of Statistics data showed, compared with a forecast 0.9 per cent increase and a 1.2 per cent gain in the previous quarter. Investors are closely watching for signs of fresh stimulus at the upcoming Politburo meeting due in late July, which is likely to shape economic policy for the remainder of the year. Beijing has ramped up infrastructure spending and consumer subsidies, alongside steady monetary easing. In May, the central bank cut interest rates and injected liquidity as part of broader efforts to cushion the economy from US President Donald Trump's trade tariffs. Further monetary easing is expected in the coming months, while some analysts believe the government could ramp up deficit spending if growth slows sharply. Households pressured Separate June activity data also released on Tuesday underlined the pressure on consumers. While industrial output grew 6.8 per cent year-on-year last month - the fastest pace since March, retail sales growth slowed down to 4.8 per cent, from 6.4 per cent in May and hitting the lowest since January-February. Indeed, the headline GDP numbers held little sway for most households including 30-year-old doctor Mallory Jiang, in southern tech hub Shenzhen, who says she and her husband both had pay cuts this year. 'Both our incomes as doctors have decreased, and we still don't dare buy an apartment. We are cutting back on expenses: commuting by public transport, eating at the hospital cafeteria or cooking at home. My life pressure is still actually quite high.' China observers and analysts say stimulus alone may not be enough to tackle entrenched deflationary pressures, with producer prices in June falling at their fastest pace in nearly two years. Zichun Huang, China economist at Capital Economics, said the GDP data 'probably still overstate the strength of growth.' 'And with exports set to slow and the tailwind from fiscal support on course to fade, growth is likely to slow further during the second half of this year.' Data on Monday showed China's exports regained some momentum in June as factories rushed out shipments to capitalise on a fragile tariff truce between Beijing and Washington ahead of a looming August deadline. Mounting headwinds The latest Reuters poll projected GDP growth to slow to 4.5 per cent in the third quarter and 4.0 per cent in the fourth, underscoring mounting economic headwinds as US President Donald Trump's global trade war leaves Beijing with the tough task of getting households to spend more at a time of uncertainty. China's 2025 GDP growth is forecast to cool to 4.6 per cent - falling short of the official goal - from last year's 5.0 per cent and ease even further to 4.2 per cent in 2026, according to the poll. China's property downturn remained a drag on overall growth despite multiple rounds of support measures, with investment in the sector falling sharply in the first six months, while new home prices in June tumbled at the fastest monthly pace in eight months. Fixed-asset investment also grew at a slower-than-expected 2.8 per cent pace in the first six months year-on-year, from 3.7 per cent in January-May. The softer investment outturn reflected the broader economic uncertainty, with China's crude steel output in June falling 9.2 per cent from the year before, as more steelmakers carried out equipment maintenance amid seasonally faltering demand. 'Q3 growth is at risk without stronger fiscal stimulus,' said Dan Wang, China director at Eurasia Group in Singapore. 'Both consumers and businesses have turned more cautious, while exporters are increasingly looking overseas for growth.' REUTERS
The Advertiser
15-07-2025
- Business
- The Advertiser
China's Q2 GDP growth of 5.2 per cent tops forecast
China's economy has grown at a slightly faster pace than expected in the second quarter, showing resilience in the face of US tariffs, though analysts warn of intensifying headwinds that will ramp up pressure on policymakers to roll out more stimulus. The world's number two economy has so far avoided a sharp slowdown in part due to a fragile US-China trade truce and policy support, but markets are bracing for a weaker second half as exports lose momentum, prices continue to fall, and consumer confidence remains low. Data on Tuesday showed China's gross domestic product (GDP) grew 5.2 per cent in the April-June quarter from a year earlier, slowing from 5.4 per cent in the first quarter, but just ahead of analysts' expectations in a Reuters poll for a rise of 5.1 per cent. "China achieved growth above the official target of five per cent in Q2 partly because of front loading of exports," said Zhiwei Zhang, chief economist at Pinpoint Asset Management. "The above target growth in Q1 and Q2 give the government room to tolerate some slowdown in the second half of the year." On a quarterly basis, GDP grew 1.1 per cent in April-June, the National Bureau of Statistics data showed, compared with a forecast 0.9 per cent increase and a 1.2 per cent gain in the previous quarter. Investors are closely watching for signs of fresh stimulus at the upcoming Politburo meeting due in late July, which is likely to shape economic policy for the remainder of the year. Beijing has ramped up infrastructure spending and consumer subsidies, alongside steady monetary easing. In May, the central bank cut interest rates and injected liquidity as part of broader efforts to cushion the economy from US President Donald Trump's trade tariffs. Further monetary easing is expected in the coming months, while some analysts believe the government could ramp up deficit spending if growth slows sharply. But China observers and analysts say stimulus alone may not be enough to tackle entrenched deflationary pressures, with producer prices in June falling at their fastest pace in nearly two years. Data on Monday showed China's exports regained some momentum in June while imports rebounded, as factories rushed out shipments to capitalise on a fragile tariff truce between Beijing and Washington ahead of a looming August deadline. China is aiming for full-year growth of around five per cent. The latest Reuters poll projected GDP growth to slow to 4.5 per cent in the third quarter and 4.0 per cent in the fourth, underscoring mounting economic headwinds as US President Donald Trump's global trade war leaves Beijing with the tough task of getting households to spend more at a time of uncertainty. June activity data also released on Tuesday painted a mixed picture - industrial output grew 6.8 per cent year-on-year in June, quickening from the 5.8 per cent pace in May and beating forecasts, but retail sales growth slowed down. Fixed-asset investment grew 2.8 per cent in the first six months from a year earlier, slowing from 3.7 per cent in January-May and missing analysts' forecast of 3.6 per cent. China's economy has grown at a slightly faster pace than expected in the second quarter, showing resilience in the face of US tariffs, though analysts warn of intensifying headwinds that will ramp up pressure on policymakers to roll out more stimulus. The world's number two economy has so far avoided a sharp slowdown in part due to a fragile US-China trade truce and policy support, but markets are bracing for a weaker second half as exports lose momentum, prices continue to fall, and consumer confidence remains low. Data on Tuesday showed China's gross domestic product (GDP) grew 5.2 per cent in the April-June quarter from a year earlier, slowing from 5.4 per cent in the first quarter, but just ahead of analysts' expectations in a Reuters poll for a rise of 5.1 per cent. "China achieved growth above the official target of five per cent in Q2 partly because of front loading of exports," said Zhiwei Zhang, chief economist at Pinpoint Asset Management. "The above target growth in Q1 and Q2 give the government room to tolerate some slowdown in the second half of the year." On a quarterly basis, GDP grew 1.1 per cent in April-June, the National Bureau of Statistics data showed, compared with a forecast 0.9 per cent increase and a 1.2 per cent gain in the previous quarter. Investors are closely watching for signs of fresh stimulus at the upcoming Politburo meeting due in late July, which is likely to shape economic policy for the remainder of the year. Beijing has ramped up infrastructure spending and consumer subsidies, alongside steady monetary easing. In May, the central bank cut interest rates and injected liquidity as part of broader efforts to cushion the economy from US President Donald Trump's trade tariffs. Further monetary easing is expected in the coming months, while some analysts believe the government could ramp up deficit spending if growth slows sharply. But China observers and analysts say stimulus alone may not be enough to tackle entrenched deflationary pressures, with producer prices in June falling at their fastest pace in nearly two years. Data on Monday showed China's exports regained some momentum in June while imports rebounded, as factories rushed out shipments to capitalise on a fragile tariff truce between Beijing and Washington ahead of a looming August deadline. China is aiming for full-year growth of around five per cent. The latest Reuters poll projected GDP growth to slow to 4.5 per cent in the third quarter and 4.0 per cent in the fourth, underscoring mounting economic headwinds as US President Donald Trump's global trade war leaves Beijing with the tough task of getting households to spend more at a time of uncertainty. June activity data also released on Tuesday painted a mixed picture - industrial output grew 6.8 per cent year-on-year in June, quickening from the 5.8 per cent pace in May and beating forecasts, but retail sales growth slowed down. Fixed-asset investment grew 2.8 per cent in the first six months from a year earlier, slowing from 3.7 per cent in January-May and missing analysts' forecast of 3.6 per cent. China's economy has grown at a slightly faster pace than expected in the second quarter, showing resilience in the face of US tariffs, though analysts warn of intensifying headwinds that will ramp up pressure on policymakers to roll out more stimulus. The world's number two economy has so far avoided a sharp slowdown in part due to a fragile US-China trade truce and policy support, but markets are bracing for a weaker second half as exports lose momentum, prices continue to fall, and consumer confidence remains low. Data on Tuesday showed China's gross domestic product (GDP) grew 5.2 per cent in the April-June quarter from a year earlier, slowing from 5.4 per cent in the first quarter, but just ahead of analysts' expectations in a Reuters poll for a rise of 5.1 per cent. "China achieved growth above the official target of five per cent in Q2 partly because of front loading of exports," said Zhiwei Zhang, chief economist at Pinpoint Asset Management. "The above target growth in Q1 and Q2 give the government room to tolerate some slowdown in the second half of the year." On a quarterly basis, GDP grew 1.1 per cent in April-June, the National Bureau of Statistics data showed, compared with a forecast 0.9 per cent increase and a 1.2 per cent gain in the previous quarter. Investors are closely watching for signs of fresh stimulus at the upcoming Politburo meeting due in late July, which is likely to shape economic policy for the remainder of the year. Beijing has ramped up infrastructure spending and consumer subsidies, alongside steady monetary easing. In May, the central bank cut interest rates and injected liquidity as part of broader efforts to cushion the economy from US President Donald Trump's trade tariffs. Further monetary easing is expected in the coming months, while some analysts believe the government could ramp up deficit spending if growth slows sharply. But China observers and analysts say stimulus alone may not be enough to tackle entrenched deflationary pressures, with producer prices in June falling at their fastest pace in nearly two years. Data on Monday showed China's exports regained some momentum in June while imports rebounded, as factories rushed out shipments to capitalise on a fragile tariff truce between Beijing and Washington ahead of a looming August deadline. China is aiming for full-year growth of around five per cent. The latest Reuters poll projected GDP growth to slow to 4.5 per cent in the third quarter and 4.0 per cent in the fourth, underscoring mounting economic headwinds as US President Donald Trump's global trade war leaves Beijing with the tough task of getting households to spend more at a time of uncertainty. June activity data also released on Tuesday painted a mixed picture - industrial output grew 6.8 per cent year-on-year in June, quickening from the 5.8 per cent pace in May and beating forecasts, but retail sales growth slowed down. Fixed-asset investment grew 2.8 per cent in the first six months from a year earlier, slowing from 3.7 per cent in January-May and missing analysts' forecast of 3.6 per cent. China's economy has grown at a slightly faster pace than expected in the second quarter, showing resilience in the face of US tariffs, though analysts warn of intensifying headwinds that will ramp up pressure on policymakers to roll out more stimulus. The world's number two economy has so far avoided a sharp slowdown in part due to a fragile US-China trade truce and policy support, but markets are bracing for a weaker second half as exports lose momentum, prices continue to fall, and consumer confidence remains low. Data on Tuesday showed China's gross domestic product (GDP) grew 5.2 per cent in the April-June quarter from a year earlier, slowing from 5.4 per cent in the first quarter, but just ahead of analysts' expectations in a Reuters poll for a rise of 5.1 per cent. "China achieved growth above the official target of five per cent in Q2 partly because of front loading of exports," said Zhiwei Zhang, chief economist at Pinpoint Asset Management. "The above target growth in Q1 and Q2 give the government room to tolerate some slowdown in the second half of the year." On a quarterly basis, GDP grew 1.1 per cent in April-June, the National Bureau of Statistics data showed, compared with a forecast 0.9 per cent increase and a 1.2 per cent gain in the previous quarter. Investors are closely watching for signs of fresh stimulus at the upcoming Politburo meeting due in late July, which is likely to shape economic policy for the remainder of the year. Beijing has ramped up infrastructure spending and consumer subsidies, alongside steady monetary easing. In May, the central bank cut interest rates and injected liquidity as part of broader efforts to cushion the economy from US President Donald Trump's trade tariffs. Further monetary easing is expected in the coming months, while some analysts believe the government could ramp up deficit spending if growth slows sharply. But China observers and analysts say stimulus alone may not be enough to tackle entrenched deflationary pressures, with producer prices in June falling at their fastest pace in nearly two years. Data on Monday showed China's exports regained some momentum in June while imports rebounded, as factories rushed out shipments to capitalise on a fragile tariff truce between Beijing and Washington ahead of a looming August deadline. China is aiming for full-year growth of around five per cent. The latest Reuters poll projected GDP growth to slow to 4.5 per cent in the third quarter and 4.0 per cent in the fourth, underscoring mounting economic headwinds as US President Donald Trump's global trade war leaves Beijing with the tough task of getting households to spend more at a time of uncertainty. June activity data also released on Tuesday painted a mixed picture - industrial output grew 6.8 per cent year-on-year in June, quickening from the 5.8 per cent pace in May and beating forecasts, but retail sales growth slowed down. Fixed-asset investment grew 2.8 per cent in the first six months from a year earlier, slowing from 3.7 per cent in January-May and missing analysts' forecast of 3.6 per cent.
