China’s economy lost momentum in July, with retail sales rising just 0.6% year-on-year, well below the estimated 1.5%, and urban investment contracting 6.7%, worsening from the 5.7% decline in the first half. The urban unemployment rate stood at 5.2%, while a private survey put the broader unemployment rate at 10.2%, with those under 25 accounting for more than half of the 24 million long-term unemployed. Industrial output rose 4.5% and exports surged 23.9%, bringing the trade surplus to $687.4 billion over the first seven months of the year. GDP growth in the second quarter was 4.3%, the slowest since late 2022, with first-half growth at 4.7%.
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