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Financial News: China's Industrial Production Growth At 17-Year Low

China's Industrial Production Growth At 17-Year Low

08/14/2019 - 00:46:00 (RTTNews)

(RTTNews) - China's industrial production grew at slowest pace in 17 years in July as trade disputes with the US dampened manufacturing activity. Moreover, retail sales growth eased further, reflecting weak domestic consumption.

Industrial output growth eased to 4.8 percent in July from 6.3 percent in June, the National Bureau of Statistics reported Wednesday. Production rose at slowest pace since 2002 and slower than the expected increase of 6 percent.

Likewise, growth in retail sales slowed to 7.6 percent from 9.8 percent a month ago. This was the weakest growth in three months. The annual rate was forecast to slow moderately to 8.6 percent.

During January to July period, fixed asset investment logged an annual growth of 5.7 percent compared to 5.8 percent increase in January to June. The rate was forecast to remain unchanged at 5.8 percent.

Property investment increased 10.6 percent in June to July period from the same period last year, slower than the 10.9 percent increase in the first half of the year.

Data showed that the surveyed jobless rate rose to 5.3 percent in July from 5.1 percent in June.

A weaker renminbi is unlikely to fully offset the increasing headwinds from US tariffs and cooling global demand, Julian Evans-Pritchard and Martin Lynge Rasmussen, economists at Capital Economics, said.

The economists expect a further slowdown in economic activity over the coming year as a result.

In the second quarter, China's economy expanded at the slowest pace in 27 years. GDP advanced 6.2 percent from previous year.

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