China achieved 0.4 percent GDP growth in the second quarter; analysts had expected 1 percent growth.
China achieved 0.4 percent GDP growth in the second quarter from a year ago. This growth did not meet expectations. Analysts had forecast growth of 1 percent in the second quarter.
Industrial production in June was also below expectations, increasing by 3.9 percent. However, retail sales rose 3.1 percent in June, recovering from the previous decline and beating expectations. Leading e-commerce firms held a promotional shopping festival in the middle of last month. Retail sales increased in June, spending in multiple categories, including automobiles, cosmetics, and pharmaceuticals. However, there was a decrease in food, furniture, and building materials.
Unemployment in China’s 31 largest cities fell to 5.8 percent in June.
