4.7% YoY Q2
5.3% YoY Q1
0.7% QoQ Q2
1.5% QoQ Q1
Retail sales were the contributor (2.0% YoY growth, vs. 3.3% expected)
Retail growth is being sandbagged by a few key factors:
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Luxury goods demand being beaten to the absolute ground. Eviscerated.
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Foreign brands have tanked in China - Apple, foreign cars, etc. and have been replaced by (cheaper) domestic alternatives like Huawei, BYD, etc.
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New trade restrictions with the US and Europe have limited Chinese consumption patterns. For example, the RTX 4090 is blocked from being exported to China.