China: GDP edged up from 6.6% to 6.7% - TDS

Research Team at TDS, notes that defying consensus expectations for a step down, Chinese GDP edged up from 6.6% to 6.7% (TD 6.8%, mkt 6.6%). 

Key Quotes

“Most analyst forecasts were for a more gloomy 6.5-6.6%.  Activity indicators for June were solid: retail sales expanded by 10.6%/yr (mkt 9.9%, prior 10.0%) while industrial production popped up to 6.2%/yr (mkt 5.9%, prior 6.0%).  Investment was 9.0%, well below mkt 9.4% and prior 9.6%, but is part of the grand plan to wind back heavy industry in favour of households, services and consumption.”