China Property, anti-involution and subsidies are key drivers to watch The unexpected decline in July manufacturing/infrastructure investment and new loans, and a big miss in retail sales evidence of contractionary impact from the anti-involution push and fading fiscal stimulus, while deeper housing woes will exert further downward pressure on prices and employment. Following a strong H1 growth, July activity data showed a broad-based slowdown, with retail sales and FAI missing expectations by a wide margin ...