Q2 Growth Slows to 7.5%
China's gross domestic product grew an annualized 7.6% to 24.8 trillion yuan in 1H 2013, the National Bureau of Statistics said. Growth in Q2 slowed to 7.5% from 7.7% in Q1, the second straight quarter of weaker growth. In 1H 2013, output from the primary sector was up 3% to 1.86 trillion yuan; output from the secondary sector was up 7.6% to 11.7 trillion yuan; output from the tertiary sector was up 8.3% to 11.24 trillion yuan; investment accounted for 53.9% of GDP and contributed 4.1 percentage points to growth; consumer spending accounted 45.2% of GDP and contributed 3.4 percentage points to growth; net exports of goods and services accounted for 0.9% of GDP and contributed 0.1 percentage points to growth.

Industrial Output Up 8.9% in June
China's value added industrial output expanded 8.9% from a year earlier in June; the rate was 0.3 percentage point slower than in May, the National Bureau of Statistics said. Output from state-owned industrials was up 6.3% and output from foreign-funded industrials was up 7.8% in June. In 1H 2013 China's industrial output grew 9.3% from 1H 2012.

Investment Up 20.1% in 1H
Fixed asset investment in China rose 20.1% year on year to 18.13 trillion yuan in 1H 2013; the rate was 0.3 percentage points slower than in the first 5 months combined, the National Bureau of Statistics said. Fixed asset investment in the primary sector was up 33.5% to 487.7 billion yuan; fixed asset investment in the secondary sector was up 15.6% to 7.81 trillion yuan; fixed asset investment in the tertiary sector was up 23.5% to 9.94 trillion yuan.

Property Sales Volume Up 29% in 1H
Investment in China's real estate market rose 20.3% year on year to 3.68 trillion yuan in 1H 2013, where investment in residential space was up 20.8% to 2.52 trillion yuan, the National Bureau of Statistics said. Overall property sales volume was up 28.7% to 514.33 million square meters, where residential space sales volume was up 30.4% to 460.9 million square meters. Overall property sales revenue was up 43.2% to 3.34 trillion yuan, where revenue from residential space sales was up 46% to 2.82 trillion yuan. All growth rates were slower than those for the first 5 months combined.

Retail Sales Rise 13% in June
China's retail sales grew 13.3% year on year to 1.88 trillion yuan in June, including 205.9 billion yuan in restaurant receipts, which was up 9.5% from a year earlier, the National Bureau of Statistics said. In 1H 2013, retail sales grew 12.7% year on year to 11.08 trillion yuan, including 1.18 trillion yuan in restaurant receipts, which was up 8.7% from a year earlier.

Power Generation Growth Quickens
China's power generation rose 6% year on year to 425.3 billion kilowatt hours in June; the growth rate was 1.9 percentage points faster than in May, according to the National Bureau of Statistics. In 1H 2013, power generate was up 4.4% year on year to 2.43 trillion kilowatt hours, compared with zero change in 1H 2012.

Income Growth Outstripped by GDP Growth
Urban disposable income rose 9.1% year on year to 13,649 yuan per person in 1H 2013, according to the National Bureau of Statistics. The growth rate will be cut to 6.5% if inflation is accounted for, much slower than the 7.6% GDP growth.

June Lending Beats Estimates
Central bank figures show banks in China extended 861 billion yuan in Renminbi-denominated loans in June 2013, beating market expectations of 800 billion yuan. However, total social financing fell 42% year on year to 1.04 trillion yuan in June as it took a blow from a hike in the Shanghai interbank offered rate in late June. Renminbi loans totaled 5.1 trillion yuan and total social financing was 10.1 trillion yuan in 1H 2013. Renminbi deposits increased by 1.6 trillion yuan in June, taking the deposit balance to 100.91 trillion yuan as of the end of June 2013.

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