China industrial output growth weakest in 17 years – NHK WORLD

China industrial output growth weakest in 17 years – NHK WORLD

china-industrial-output-growth-weakest-in-17-years-–-nhk-world

Growth of China’s industrial production slowed in July to its lowest level in more than 17 years.

China’s National Bureau of Statistics announced on Wednesday that the country’s industrial production grew by 4.8 percent year-on-year. The figure is 1.5 percentage points lower than in June and marks the slowest growth since February 2002.

Auto production fell 4.4 percent amid a slump in new car sales. Production of textiles, which are subject to an additional US tariff, marked a relatively low growth rate of 1.2 percent.

The data seem to reflect the impact of a fall in domestic consumption and the US-China trade friction.

Retail sales increased by 7.6 percent in July, down 2.2 points from the previous month.

Investment in fixed assets such as infrastructure and manufacturing facilities also slowed.

Liu Aihua, a spokesperson for the National Bureau of Statistics, predicted that the economy would pick up later due to corporate tax reduction and other stimulus measures. Liu said that despite increased downward pressure on the economy, the country is seeing some results from a series of measures implemented by the government.

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