Zhongjin: Data for June shows a significant decline in domestic demand, indicating the need for further policy efforts.

According to a report from CICC, the GDP growth rate in the second quarter slightly fell, with the PMI index decline expanding. Looking at the month of June alone, industrial growth was driven by exports, but domestic demand decreased significantly. The shift of online promotions and regulatory policy disturbances slowed down growth in social retail. The decline in construction and installation project investments led to a decrease in fixed asset investment growth, as all three major types of investments experienced a slowdown. Overall, data from June shows a significant decrease in domestic demand, indicating the need for further policy support, with attention on the political meeting in July for policy direction.