With govt lending and spending ‘front loaded’ into the first quarter the second half slows down relative to the first, and the first half was just ok this year.

Headlines:

China’s June Home Prices Slow in Major Cities, SouFun Says
China June PMI hits 28-mth low as global slowdown bites
China’s GDP to grow 9.5% in H1
China Eliminates Income Tax for 60 Million Workers Amid Tension Over Inflation, Wealth Gap