Global Economic Analysis and News of Note
- The Chinese economy grew at a seven percent annualized rate in the first six months of 2015, a figure that was in line with the Chinese government’s target for the year. Higher retail sales and a growth in industrial production both contributed to the positive reading. Steel production fell 1.3 percent. The rate was better than analysts had predicted, however, which “will inevitably spark renewed questions over the veracity of the official data,” said Capital Economics analyst Julian Evans-Pritchard.
- According to China’s General Administration of Customs (GAC), the nation’s trade volume fell 6.9 percent between June 2014 and June 2015. Imports declined 15.5 percent while exports rose 0.9 percent. The GAC said imports declined due to shrinking domestic demand “hurt by unsolved industrial overcapacity” and commodity prices.