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An uneven recovery, especially within services

The detailed breakdown of China’s Q2 GDP data published today raises some questions about the purported speed of the recovery. Generally though, it is consistent with broader evidence of a sharp rebound, led by industry and construction. Conditions in the service sector remain much more mixed – IT and finance continue to see rapid growth but hospitality output is still down by a fifth, while retail & transport are also lagging the recovery.

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