Data released this morning in mainland China showed that, as in Q1, GDP kept on growing at an annualised rate of 6.9 per cent. In June industrial production stepped up a notch to 7.6 from 6.5 per cent growth in May. Likewise retail sales which increased by 11 per cent Y/Y versus 10.7 per cent the previous month. However, stock markets were not impressed and instead focused on this weekend’s meeting overseen by President Xi Jinping where it was decided to establish a State Council Financial Stability and Development Commission in an attempt to increase control of the economy and reduce financial risks.
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