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China's industrial output growth slowed more than expected in July

14 Aug 2019 10:25 AM

China's industrial output growth slowed more than expected in July, data from the National Bureau of Statistics (NBS) showed on Wednesday.

Industrial production growth fell by 4.8% on yearly basis, compared with an expected increase of 6.0%. This was the slowest since February 2002.

Retail sales growth also came in weaker than expected, rising by 8.3% on yearly basis in the first seven months of 2019. Growth fell from an 8.4% increase recorded in the first six months and was also weaker than expected growth of 8.6%.

Investment in fixed assets for the same period increased by 5.7%, compared with an expected rise of 5.9%. Private fixed asset investment grew by 5.4%, compared with a 5.7% rise in the first six months of 2019.

The weak data had little impact on Chinese stocks, which rose nearly 1% in morning trade on Wednesday, as news that the US delayed tariffs on some Chinese goods eased tensions between Beijing and Washington.

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