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Workers at the Zhong Tian (Zenith) Steel Group factory in Changzhou, Jiangsu.

China reported industrial output for the month of July rose 6.4 percent on-year, missing expectations.

Market watchers are keeping their eyes on the health of the the world’s second-largest economy.

Analysts were expecting a rise of 7.2 percent against a 7.6 percent expansion in June for the country’s value-added industrial output.

July retail sales rose 10.4 percent from a year ago, also missing a 10.8 percent forecast from analysts polled by Reuters.

January to July fixed asset investment meanwhile rose 8.3 percent from a year ago, against Reuters’ poll forecast of 8.6 percent.

Despite the slowdown in growth, Complete Intelligence’s Chief Economist Tony Nash said the Chinese numbers were “not terrible,” even though the house thinks the actual numbers were likely “a bit slower” than what was released.

China, Nash told CNBC’s “Street Signs,” is likely growing at 5.5 to 6 percent.

The country is targeting a growth rate around 6.5 percent for 2017.