Maybe China's economy is cooling down a bit China's GDP grew in the II quarter by 6.3% y/y, which was below the consensus forecast of 7.1% y/y. QoQ (seasonally adjusted) growth rate of this indicator slowed to 0.8%, in line with expectations. Retail sales growth rate sharply declined to 3.1% y/y from 12.7% y/y, falling short of expectations at 3.3% y/y. At the same time, the growth rate industrial production accelerated to 4.4% y/y from 3.5% y/y, well above expectations at the level 2.5%. The Chinese authorities have set a target for GDP growth this year at a very modest level. (taking into account the removal of anti-covid restrictions) by 5%, and in the first half of the year this figure increased by 5.5% in annual terms. Thus, these figures were above the official target, but below expectations of economists polled by Bloomberg at 6.1%. If we continue to witness a decline in performance, this may lead to a decrease in consumption, including energy and commodity assets, which may lead to a decrease in their value.