China’s economic growth slowed to 4.3 percent year-on-year in the second quarter, easing by 0.7 percentage points from the first three months as short-term pressures and external factors weighed on activity, according to the National Bureau of Statistics.
Gross domestic product expanded 4.7 percent in the first half, while per-capita disposable income rose 5.2 percent in nominal terms. NBS deputy commissioner Mao Shengyong said the pace remained consistent with the government’s full-year growth target.
The data showed an uneven performance. Industrial output from larger enterprises rose 5.4 percent year-on-year and retail sales of goods and services increased 2.7 percent, while consumer prices gained 1 percent.
In contrast, fixed-asset investment fell 5.7 percent, dragged by an 18 percent decline in property development investment. The average surveyed urban unemployment rate stood at 5.2 percent.
Two CLSA reports published earlier in July also highlighted consumer pressures relevant to Macau’s gaming operators. In a July 10th report, CLSA said consumer confidence in China was notably lower than during Macau’s previous gaming concession period.
A separate July 2nd report said spending power among non-premium mainland visitors remained muted. CLSA’s survey of 800 mainland travelers with previous Macau gaming experience also identified wages, renminbi strength, stock market performance and Chinese property prices as factors affecting future gaming budgets.
The figures follow the International Monetary Fund’s (IMF) decision to raise its 2026 China growth forecast by 0.2 percentage points to 4.6 percent, although growth is still expected to slow from 5 percent in 2025.
