China reports second-quarter GDP growth of 4.7%, missing expectations

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China reports second-quarter GDP growth of 4.7%, missing expectations

********-made cars wait to be loaded onto a ship for export at Yantai Port on July 12, 2024, in Shandong province of China.

Vcg | Visual China Group | Getty Images

BEIJING — China’s National Bureau of Statistics on Monday said the country’s second-quarter GDP rose by 4.7% year on year, missing expectations of a 5.1% growth, according to a Reuters poll.

Retail sales also missed expectations, rising by 2% year-on-year in June, versus the 3.3% forecast.

Industrial production beat expectations up by 5.3% in June from a year ago, above the forecast 5% increase.

Urban fixed asset investment for the first six months of the year rose by 3.9%, matching expectations.

The National Bureau of Statistics did not hold a press conference for the data release. China’s high-level policy meeting, the Third Plenum, kicks off Monday and is set to wrap up Thursday.

China’s GDP grew by 5.3% year on- year in the first quarter.

China’s exports rose by a more-than-expected 8.6% from a year ago, 

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 showed. But imports fell by 2.3% year on year in June, missing expectations for slight growth.

Other measures also pointed to muted domestic demand.

China’s consumer prices rose by 0.2% in June, year on year, missing expectations. Core CPI, which strips out more volatile food and energy prices, rose by 0.6% year on year in June, slightly slower than the 0.7% increase in the first six months of the year.

Weak credit demand

China’s latest credit data released Friday showed a sharp drop in the growth of broad money supply and new yuan loans in the first half of the year versus the same ******* in 2023.

Household loans increased by 1.46 trillion yuan ($200 billion) in the first six months of the year, nearly half the 2.8 trillion yuan in new loans for the category last year,

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Loans to businesses increased by 11 trillion yuan in the first half of the year, slightly less than the 12.81 trillion yuan recorded for the same ******* last year.

“June money and credit data indicated credit demand remained weak,” Goldman Sachs analysts said in a report Friday. “The recent policy communication suggests that the PBOC continues to focus on enhancing monetary policy transmission and downplay the importance of aggregate credit growth. Looking ahead, the growth of new CNY loans and M2 may gradually slow down further.”

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