China's Recovery Sputters as Consumption, Output Lose Steam
Industrial output rose 4.5% and retail sales 0.6% in July, underscoring weaker domestic demand and renewed pressure for stimulus, the NBS said.
- On Monday, the National Bureau of Statistics reported China's industrial output grew 4.5% in July, slowing from June's 5.3% pace, while retail sales eased to 0.6% amid stalled consumer spending.
- Extreme weather disruptions, including three typhoons, hampered manufacturing activity last month, while fading state support for durable goods and the property downturn stifled growth.
- Urban unemployment ticked up to 5.2% in July, though a private survey from Tsinghua University economist Li Daokui indicated a 10.2% broad rate, while fixed-asset investment contracted 6.7% this year.
- Beijing pledged to accelerate fiscal spending and introduce new policies 'in a timely manner,' yet officials have stopped short of announcing major new stimulus measures.
- China's trade surplus reached $687.4 billion through July, fueling concerns from international trading partners and raising the risk of fresh trade restrictions as Beijing seeks rebalancing.
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36 Articles
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China's Economy Slows in July Amid Weak Retail Sales; Manufacturing PMI Falls Below 50
Get latest articles and stories on Business at LatestLY. China's economy slowed in July, with retail sales remaining subdued and the Manufacturing Purchasing Managers' Index falling below the crucial 50-mark. Meanwhile, unemployment rose, dampening consumer spending, according to government data released on Monday. Business News | China's Economy Slows in July Amid Weak Retail Sales; Manufacturing PMI Falls Below 50.
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