China reports second-quarter GDP growth of 4.7%, missing expectations

cnbc.com:

BEIJING — China's National Bureau of Statistics on Monday said the country's second-quarter GDP rose by 4.7% year on year, missing expectations of a 5.1% growth, according to a Reuters poll.

June retail sales also missed estimates, rising 2% compared with the 3.3% growth forecast.

Industrial production, however, beat expectations up by 5.3% in June from a year ago, higher than Reuters estimate of 5% growth.

Urban fixed asset investment for the first six months of the year rose by 3.9%, meeting expectations. Investment in infrastructure and manufacturing slowed their pace of growth on a year-to-date basis in June versus May, while real estate investment declined at the same 10.1% rate.

The National Bureau of Statistics did not hold a press conference for the data release. China's high-level policy meeting, the Third Plenum, kicks off Monday and is set to wrap up Thursday.

«We must work harder to invigorate the market and stimulate the internal impetus,» the bureau said in an English-language press release.

It also called for efforts to «consolidate and enhance the momentum for economic recovery and growth, so as to ensure the sustained and sound development of the economy.»

The urban unemployment rate was 5% in June, unchanged from the prior month, the bureau said.

China's GDP grew by 5.3% year on- year in the first quarter.

China's exports rose by a more-than-expected 8.6% from a year ago, customs data released Friday showed. But imports fell by 2.3% year on year in June, missing expectations for slight growth.

Other measures also pointed to muted domestic demand.

China's consumer prices rose by 0.2% in June, year on year, missing expectations. Core CPI, which strips out more volatile food and energy prices, rose by 0.6%