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  "documentTitle": "Global Economics Intelligence (August 2023)",
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  "notes": "The slide provides a detailed macroeconomic update on China's July 2023 performance, citing specific metrics for industrial output, investment, real estate, and trade.",
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      "text": "Year-on-year growth: 3.7%",
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      "text": "Overall cross-border trade contraction deepened in July, declining -13.6% year-on-year (versus -10.1% in June). Exports fell -14.5% year-on-year in July (versus -12.4% in June). Imports were down -12.4% year-on-year (compared to -6.8% in June).",
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      "text": "The slump in the real estate market continued. Housing property sales revenues declined -24.3% year-on-year in July (-25.1% in June), with floor space sold dropping -24.9% (-27.9% in June). Meanwhile, the average price of housing grew more slowly at 0.8% (3.8% in June).",
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      "text": "China's economic slowdown continued in July. Growth in industrial output and fixed-asset investment decelerated; housing sales, new social financing, and trade contracted compared with last year.",
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      "text": "Notably, significant headwinds facing indebted property companies have heightened concerns about a delayed recovery for the real estate sector and triggered fresh fears of contagion across the wider economy, with risk aversion deterring investors and creditors from the sector.",
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      "text": "Expansion in fixed-asset investments decelerated to 1.2% year-on-year in July (3.3% in June). By sector, investments in the manufacturing sector slowed to 4.3% (6.0% in June) and infrastructure investments decelerated to 4.6% (6.4% in June); investments in the real estate sector remained sluggish, with a deeper contraction of -9.6% reported in July (compared to -8.8% in June).",
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      "text": "China has announced a basket of policies since mid-July, aiming to boost consumption and the private economy, to stabilize employment and the real estate market, and to defuse local debt risk.",
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      "text": "Industrial output growth decelerated to 3.7% year-on-year in July (4.4% in June). By sector, industrial output growth in the mining sector slowed to 1.3% (1.5% in June); output growth in the manufacturing sector decelerated to 3.9% (4.8% in June); and output growth in the utility sector slowed to 4.1% (4.9% in June).",
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      "text": "New social financing measured RMB 500 billion in July (down from RMB 4.2 trillion in June)—representing a year-on-year decline of -32.2% (versus a -18.6% decline in June). A contraction in new bank loans, which fell -91% year-on-year explains the majority of this drop in new social financing. Total social financing was reported at RMB 365.8 trillion in July, with the year-on-year growth rate falling slightly to 9.2% in July (9.3% in June).",
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      "text": "The surveyed urban unemployment rate ticked up to 5.3% in July (5.2% in June). Youth unemployment rate figures have been temporarily discontinued as of August, according to National Bureau of Statistics, which says it needs to further refine its methodology for this data.",
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      "text": "Source: CEIC; McKinsey's Global Economics Intelligence analysis",
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