For global investors, China is a slow-burning trade

For global investors with money in China’s stock markets, the latest economic numbers are not of any comfort and just a reminder that the recovery they are betting on will take a while to happen.

Monday’s second-quarter growth figures in China pointed not only to an economy growing below target, but also showed there is no sign of improvement in its anaemic property sector and the domestic consumer is more pessimistic and unwilling to spend.