China Economy Shows New Signs Of Weakness With Soft Data

Beijing, (UrduPoint / Pakistan Point News - 14th Aug, 2019 ) :China's economy showed further signs of strain in July with output at its factories falling to its lowest level in 17 years, while investment and retail sales also slowed, official data showed Wednesday.

The figures are the latest to highlight how the world's second-largest economy is being battered by an escalating trade war with the United States and weak global demand.

Industrial output increased 4.8 percent on-year in July, down from 6.3 percent in June and marking the weakest pace since 2002.

It was also well below the 6.0 percent forecast by economists in a Bloomberg news survey.

"Given the complicated and grave external environment and the mounting downward pressure on the economy at home, the foundation for sustainable and healthy growth of the economy still needs to be consolidated," said Liu Aihua, a spokeswoman for the National Bureau of Statistics, which released the data.

The data also suggested China's billion-strong army of consumers were showing signs of increasing thriftiness.

Retail sales -- which have long been a bright spot for the economy -- rose 7.6 percent last month, sharply down from 9.8 percent in June.