China retail sales growth weakens again in August
AgenciesChina’s retail sales grew last month at their slowest pace since May, official data showed on Tuesday, as the country’s leaders struggle to reverse a persistent slump in sp...
China's retail sales growth slowed significantly in August, according to official figures released on Tuesday. The National Bureau of Statistics reported a 0.4 percent year-on-year increase, marking the second consecutive slowdown after a 1 percent growth in June. The decline fell short of the 0.8 percent rise anticipated in a Bloomberg survey of economists, though it was an improvement over the 0.6 percent contraction seen in May.
Beijing has been grappling with sluggish domestic spending since the end of the Covid-19 pandemic, and stagnant activity continues to exert downward pressure on national growth, even as exports surge. Industrial production expanded by 5.2 percent in August, up from July's 4.5 percent and exceeding Bloomberg's forecast of 4.8 percent.
The National Bureau of Statistics noted that "adverse external factors are intensifying" while the domestic imbalance between strong supply and weak demand remains pronounced. Authorities are aiming for an official growth target of between 4.5 and 5 percent this year, the lowest in decades. The data also revealed that fixed-asset investment contracted 7.2 percent year-on-year in August, exceeding expectations.
Written by urgent.news from Qatar Tribune Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
