Chinese growth slumps into oil shock

David Llewellyn-Smith

Tuesday 18 August 2026

Chinese growth numbers yesterday were awful, as usual.

Industrial production (IP) growth slowed to 4.5% yoy in July from 5.3% yoy in June.

Fixed asset investment (FAI) growth fell to -12.8% yoy in July from -9.3% yoy in June.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.