China’s economy showing signs that slowdown may be extending
Summary
China's economy showed slower growth in July, with factory output and retail sales rising less than expected. This adds pressure on the government to take actions like tax cuts and increased spending to support the economy.Key Facts
- Factory output grew 4.5% in July, down from 5.3% in June and below the forecast of 4.8%.
- Retail sales increased by 0.6% in July, slower than the 1% rise in June and below the predicted 1.5%.
- Extreme weather, including heat and heavy rain, disrupted markets and consumer demand.
- China’s quarterly economic growth rate was 4.3% for April to June, below the government target of 4.5% to 5%.
- Premier Li Qiang said China will try to boost exports to make up for weak domestic demand.
- Analysts expect growth to improve later this year, helped by government spending and support for manufacturing.
- The slowdown is one of the weakest quarterly performances since China began reporting quarterly GDP in the early 1990s.
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