China's economy grew much slower than expected in the second quarter, as a protracted property downturn and job insecurity knocked the wind out of a fragile recovery, keeping alive expectations Beijing will need to unleash even more stimulus.

China says its economy expanded at a slower-than-forecast 4.7% annual rate in the last quarter. That was sharply below the 5.3% annual pace of growth seen in the first quarter of the year.

China’s onshore stocks are holding up despite the weaker data, though that shouldn’t be necessarily read as optimism. There have been a few early signs that the market is ready to bottom out on its own, and foreigners purchased on a net basis last week for the first time in six. Still, knowing this market, we’re all too familiar with false dawns.