1、August 2023Major economic indicators p2/Policy updates p11/Hot topic analysis p13China Economic Quarterly Q2 2023Chinas GDP increased by 6.3%in Q2 2023,but the quarter-on-quarter growth was 0.8%,shy of market expectation.Content1 Major economic indicators2Total GDP reached 59.3 trillion yuan with 5.

2、5%in H1,6.3%growth in Q2Total fixed asset investment reached 24.31 trillion yuan,a 3.8%increase Total real estate investment reduced by 7.9%to 5.86 trillion yuan in H1PMI dropped to below 50%in Q2 Industrial added values rose by 3.8%in H1Total retail sales of consumer goods increased by 8.2%to 22.76

3、 trillion yuanImports and exports increased by 2.1%to 20.1 trillion yuan PPI dropped by 3.1%and CPI increased by 0.7%in H12456789102 Policy updates11Growth of aggregate financing to the real economy increased by 9%Fiscal revenue increased by 13.3%while fiscal spending grew by 3.9%11123 Hot topic ana

4、lysis:Chinas industrial economy,the backbone of high-quality development131Major economic indicatorsQuarterly GDP values and quarterly and annual GDP growth rate2During the first half of 2023,Chinas GDP grew by 5.5%year-on-year to 59.30 trillion yuan.It is worth noting that the growth was partly att

5、ributable to a low base during the same period last year when GDP grew by only 2.5%.Several indicators suggest the economy is not recovering as quickly as previously anticipated.For example,in second quarter,GDP grew by 0.8%quarter over quarter(Q/Q),which is slower than 2.2%Q/Q growth in the first q

6、uarter,suggesting a slowdown in recovery in the second quarter.Moreover,businesses and households showed a lack of confidence in the economic recovery,as indicated by consumption and investment data.Besides,some are even concerned about the future sustainability of the Chinese economy.All these will