China growth comes in below expectations
China's economy grew at a slower-than-expected annual rate of 4.7% in the last quarter, falling short of the 5.3% growth seen in the first quarter. The National Bureau of Statistics noted that progress this year has been challenging due to weak global economic momentum, persistent inflation, geopolitical conflicts, and insufficient domestic demand. Despite these challenges, the economy achieved a 5% growth rate in the first half of the year, matching the government's target. Recent data showed factory output rose by 5.3% in June, while retail sales and nominal disposable income grew by 5.1% and 5.4%, respectively. The update coincided with the ruling Communist Party's once-in-a-decade meeting to set future economic policies, emphasising self-reliant growth strategies amidst trade and technology tensions. The property market downturn and weak consumer demand continue to pose significant challenges. However, higher-than-expected exports in June boosted the trade surplus to $99 billion, suggesting some stabilisation in growth.
Russell Shor
Senior Market Strategist
Russell Shor is a Senior Market Strategist at FXCM, having been promoted to the role in 2025 in recognition of his depth of insight and consistent delivery of high-impact market analysis. He originally joined FXCM in October 2017 as a Senior Market Specialist.
Russell holds an Honours Degree in Economics from the University of South Africa, is a certified FMVA®, and a full member of the Society of Technical Analysts (UK). With over 20 years of experience in financial markets, his work is renowned for its clarity, precision, and strategic value across asset classes.
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