China's Economy Is Slowing, But Its Industrial Engine Keeps Running

China's economic slowdown is now clearly visible in the data, with weak consumption and collapsing investment offsetting continued strength in high-tech manufacturing and exports.

• Second-quarter GDP growth slowed to 4.3% year-over-year, the weakest pace since the pandemic, as domestic demand, fixed investment and consumer spending continued to deteriorate.

• Industrial production remains comparatively resilient, driven by semiconductors, electronics, aerospace and other export-oriented industries that continue to benefit from China's industrial upgrading strategy.

• ING expects additional fiscal and monetary support in the coming months, arguing that policymakers are unlikely to tolerate growth slipping materially below the government's annual target.

Read the full report for a detailed breakdown of China's consumption, investment, property market and policy outlook.