China is losing momentum // Monitoring of the world economy

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The main indicators of the Chinese economy in July showed a slowdown in growth after a temporary acceleration in June. Industrial production grew by 3.8% over the year against 3.7% a month earlier, while the indicator increased by 0.38% month on month. At the same time, the production of “new energy” cars and solar panels increased by 112.7% and 33.9%, respectively, but the production of semiconductors fell by 16.6%. The Purchasing Managers’ Index (PMI) in July also indicated a slowdown in activity, falling to 49 points (a value above 50 points indicates its growth, below – a contraction), while the production services index in July rose only 0.6 yoy % (minus 0.7 pp versus June). Retail sales in July also grew not so fast: by 2.7% yoy against 3.1% in June and by 0.27% mom (total the beginning of the year, due to the spring covid restrictions, retail sales were 0.2% lower than last year). Since the beginning of the year, capital investments have increased by 5.7% (including in infrastructure by 7.4%, in production – by 9.9%, while in real estate there was…

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