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August 2019 - July Data Release
July growth was weaker than expected. New measures to cushion the slowdown are now widely anticipated. Indeed, a few measures already arrived this month. One significant move in August is the PBoC’s new reference rate for bank loans, which will allow the government to lower borrowing costs for companies in the coming months. In addition, it’s reported that Beijing is considering raising local government debt issuance to alleviate the funding pressure on infrastructure development.