Friday , August 19 2022

China industrial production rose 4.8% in July, retail sales 7.6%


The working women work in a fabric factory in Hubei, Anhui Province, East China.

Jie Zhao | Corbis News | Get the picture

Industrial production growth in China slowed much more than expected to 4.8% in July compared to a year earlier, official figures showed on Wednesday, the latest sign of volatile demand in the world's second-largest economy as the US rises in trade pressure.

The pace of July was the slowest since February 2002. According to Reuters, analysts predicted that industrial production would increase by 5.8% from a year earlier, slowing down by 6.3% in June.

Fixed capital investment rose 5.7% in the first seven months of the year, according to data released by the National Bureau of Statistics, compared to a forecast increase of 5.8% by analysts.

Private equity investment, representing about 60% of the country's total investment, rose 5.4% in January-July from a 5.7% increase in the first six months of 2019.

Retail sales growth was also lower than expected, increasing by 7.6% in July from a year earlier, compared to 9.8% in June. Reuters analysts expected a growth of 8.6%.

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