GDP grew by 6.2% year-on-year in 2Q19 as was widely expected. The detailed activity data show that infrastructure investment, which grew by 5.8% YoY in June from 5.6% a month ago, was at the core of economic growth. Mining and railway investment grew by 22.3% YoY and 14.1%, respectively, helping to drive overall infrastructure investment and, in turn, the entire investment environment in China. Loan data paints a similar picture. Industrial production also reflects this trend. Ferrous and non-ferrous metal processing grew 10.3% and 10.4% YoY, respectively, while railway-related manufacturing grew 10.6% YoY. The ... (full story)