China’s Economic Growth Falters in July
(MENAFN) China’s economic performance in July showed weaker-than-anticipated figures, as outputs in manufacturing, consumer spending, and capital investment failed to meet market forecasts, based on figures released on Friday by the National Bureau of Statistics.
Manufacturing production increased by 5.7% compared to the same month last year, missing the projected 6% rise and slowing from a 6.8% gain in June.
Consumer spending also advanced by 3.7% year-over-year, down from a 4.8% rise in June and below analysts’ projections of a 4.6% boost.
During the January-to-July timeframe, fixed asset spending in the world’s second-largest economy rose by 1.6% annually, significantly underperforming the expected 2.7% growth.
The National Bureau of Statistics attributed the sluggish results to extreme weather and "ongoing challenges from the complex and unpredictable external environment."
In July, several regions across China were hit with scorching heat, heavy rainfall, and widespread flooding, prompting many businesses and construction operations to shut down.
Although growth in manufacturing, consumer activity, and infrastructure investment slowed compared to June, continued "tariff uncertainty" remained a drag on overall performance.
The Chinese government's strategies aimed at boosting internal demand to counter weakened foreign demand due to increased tariffs appear to be losing effectiveness.
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