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Beijing witnessed a resurgence in its industrial sector during August, propelled by a surge in artificial intelligence (AI) and technology-driven manufacturing, according to data released by the National Bureau of Statistics. However, the robust factory output was accompanied by sluggish consumer spending and a deteriorating investment climate, raising concerns over mounting economic imbalances.
The data revealed that industrial output grew by 5.2% year-on-year in August, up from the 4.5% increase in July, surpassing analysts' expectations for a 4.8% rise. Factory activity, particularly in the equipment and high-tech sectors, continued to expand, while retail sales registered a modest 0.4% rise in August, down from a 0.6% gain in July.
Despite the uptick in factory output, weak consumption and the housing market crisis contributed to a slowdown in China's GDP growth to 4.3% in the second quarter, the weakest pace in over three years and below the government's 4.5%-5.0% annual growth target. Analysts are pessimistic that GDP growth will improve significantly in the third quarter, with some predicting further declines.
The economic slowdown has prompted policymakers to roll out support measures, including increased government bond issuance, loan interest subsidies for small businesses and consumers, and additional policy support from the central bank. However, the government's reluctance to implement a more aggressive consumption-focused stimulus is expected to prolong the adjustment process, as structural challenges persist in the economy.
Written by urgent.news from CNA - Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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