China's Second-Quarter GDP Miss Signals Fading Recovery and Record High Youth Unemployment
China's second-quarter GDP growth of 6.3% missed expectations, while youth unemployment reached a record high of 21.3% in June. Retail sales for June rose by 3.1%, slightly below expectations, with catering, sports, and entertainment products, as well as alcohol and tobacco, seeing the most growth. Industrial production rose by 4.4% in June, exceeding forecasts, and fixed asset investment for the first half of the year increased by 3.8%. Domestic travel spending by urban residents more than doubled, but overall tourism spending remained lower than pre-pandemic levels. Beijing has extended property support measures and announced support for exports, but has been cautious about further stimulus due to rising local government debt.