Chinese Economy Grows At Slowest Pace In Decades, But Key Activity Data Tops Estimates

Back in April, Beijing reported that the Chinese economy expanded 6.4% YoY in the first quarter, surprising markets which had expected a slowdown. At the time, the US and China seemed to be on the verge of concluding a trade deal and investors were beginning to buy into a nascent cyclical reflation story. China's better-than-expected GDP number (along with an upbeat read on March activity delivered on the same day) helped make the case that things had inflected for the better. Three weeks late