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China's GDP growth slows, but investment boost hints at mild 2H recovery

13 July 2012

China’s GDP growth slowed to 7.6% YoY in 2Q12, in line with our expectations. While industrial output growth weakened and power consumption was flat YoY in June, an acceleration in fixed-asset investment suggests that targeted stimulus measures adopted since late May should provide sufficient momentum for a modest rebound in 2H12, bringing full-year GDP growth in at the lower end of our 8-8.5% forecast (CC Jul 12, Macro View).

RENMINBI COMPASS

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Renminbi Compass, a new research service launched by the FT, aims to act as a navigational guide through the expanding universe of renminbi asset classes. With the Chinese currency gaining ever-wider acceptance around the world and Beijing taking steps to open its capital account, we are broadening our research coverage to include not only equity funds but also all other important renminbi asset classes, such as chengtou bonds, dim sum bonds, real estate, trust products, underground banking, art, antiques and several others.