China's GDP rose 1.1 percent on the quarter in the three months to June, little changed from growth of 1.2 percent in the three months to March, with year-over-year growth easing from 5.4 percent to 5.2 percent. Monthly activity data also published today showed solid growth in key activity indicators in June but another substantial decline in house prices.

In their statement accompanying today's data, officials characterised the data as showing the economy"withstood pressure and made steady improvement despite challenges". Although officials refrained from explicitly referring to trade tensions with the United States, they noted a need to"coordinate domestic economic work and endeavours in the international economic and trade field" and to"cope with external uncertainties". Officials reiterated their commitment to"more proactive and effective macro policies" but provided no specific guidance about whether additional changes to policy settings will be considered in the near-term.

Data published today were mixed relative to consensus forecasts. The China's RPI and RPI-P rose from minus 7 and minus 10 respectively to zero, indicating that recent Chinese data in sum are coming in at consensus forecasts.

Showing only muted effects from the trade war. Slightly slower growth seen at 0.9 percent on quarter in Q2 versus 1.2 percent in Q1. The consensus sees year on year growth at 5.1 percent in Q2 compared with 5.4 percent in Q2.

Gross Domestic Product (GDP) refers to the final products at market prices produced by all resident units in a country (or a region) during a certain period of time. GDP is the core indicator of the national accounts, and also an important indicator to measure the economic conditions and the level of development of a country or region. GDP is calculated from three approaches -- production, income and expenditure -- which reflect gross domestic product and its composition from different angles.

GDP is the all-inclusive measure of economic activity. The GDP report contains a treasure-trove of information which not only paints an image of the overall economy, but tells investors about important trends within the big picture. GDP components such as consumer spending, business and residential investment, and price (inflation) indexes illuminate the economy's undercurrents, which can translate to investment opportunities and guidance in managing a portfolio.

The data are compiled by NBS and the People's Bank of China (PBoC). Estimates for non-financial corporations, financial corporations, general government, household and the rest of the world sectors are published. The production accounts, distribution and use of income account, and capital account data are compiled by NBS. NBS also develops the financial account by rearranging financial transactions data in the flow of funds accounts compiled by PBoC. There are no breakdowns of government consumption expenditure, gross fixed capital formation, change in inventories and net exports. Household consumption expenditures are broken down into urban and rural. The income components of GDP are only published in the input-output tables. NBS uses the Chinese Industrial Classification of the National Economy.