Chinese growth is holding and there’s no stimulus…yet

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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:

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.