First, the industrial added value and generating capacity
In July, China's above-scale industrial added value grew 9.2 percent, down 0.3 percentage points compared to June, for the third consecutive monthly decline. This data also record the lowest recorded since May 2009. Inside and outside the required decline is the slowdown in industrial added value in July. Import and export value in July year on year growth rate of only 2.7%, of which exports only by 1 percent, a record nearly six months, the lowest since the annual total import and export growth rate of insurance 10% more difficult. The total retail sales growth rate also hit a 17 month low. Industrial growth continued to decline due to the high correlation of the growth rate of industrial value added and GDP, showing the situation of weak growth in the real economy still has not changed.
 
However, the July industrial data, there are also some positive factors. Departure from the number of industrial added value and generating capacity for two consecutive months, excluding the impact on the price of fixed assets investment growth has rebounded, coupled with the current industrial inventory levels already at historic lows. Late further digestion of the inventory, the production will be gradually restored. Therefore, we expect that the industrial value added data in the third quarter will be stabilized in the third quarter, or after the fourth quarter rose slightly.



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