China NBS spokesman: Floods, heat tempered data in July

Following the release of softer Chinese dataflow, Spokesman for China’s National Bureau of Statistics (NBS) came on the wires via MNI, noting that the economic data appears to be tempered by foods and heat in July.

Key Quotes:

Floods & high temperature hurt production & business ops

Prices & unemployment are steady

Domestic economy faces downward pressure

Global recovery not as strong as expected

To promote economic stabilisation & improvement

To firmly promote supply side structural reform

China to expand overall demand

Economy operating steadily with signs of improvement

Investment growth slowing, structure improving