China reported a GDP growth of 0.4 percent for the second quarter of 2022 lower than the expectation of one percent.  Industrial production in June 2022 rose at a slower rate than forecast attaining 3.9 percent compared to 2021.

Investment in real estate fell by 5.4 percent for the first half of 2022 compared to the previous year highlighting problems relating from oversupply of apartments.  Investment in production facilities however continued with a 6.1 percent rise in fixed assets over the first half of 2021.

Officials are downplaying the low GDP, attributed to the extreme and enforced shutdowns as a result of COVID.  Stay-at-home orders impacted the Shanghai metropolitan area for two months. Restrictions on inter-city and inter-province movement disrupted supply chains. This had a knock-on effect on China's trading partners including the U.S. with approximately one quarter of areas responsible for industrial production under some form of lock-down.