Goldman with the note that pretty much sums up my view:
China’s Q2 real GDP growth was reported at 7.9% yoy, marginally below market expectations of 8% yoy, but key activity indicators remained solid and surprised to the upside in June. June industrial production came in at 8.3% yoy, vs 8.8% yoy in May, though automobile manufacturing continued to be a drag. Retail sales growth slowed to 12.1% yoy and automobile sales also moderated from the previous month. Fixed asset investment accelerated on a single month basis – manufacturing investment picked up while property investments slowed. The surveyed unemployment rate was unchanged in June.
Key numbers: