Business News | China's Economy Slows in July Amid Weak Retail Sales; Manufacturing PMI Falls Below 50
Get latest articles and stories on Business at LatestLY. China's economy slowed in July, with retail sales remaining subdued and the Manufacturing Purchasing Managers' Index falling below the crucial 50-mark. Meanwhile, unemployment rose, dampening consumer spending, according to government data released on Monday.
Beijing [China], August 17 (ANI): China's economy slowed in July, with retail sales remaining subdued and the Manufacturing Purchasing Managers' Index falling below the crucial 50-mark. Meanwhile, unemployment rose, dampening consumer spending, according to government data released on Monday.
China's retail sales rose 0.6 per cent year-on-year, according to the National Bureau of Statistics, slowing from 1 per cent in June. Total retail sales of consumer goods reached 3,902.2 billion yuan (USD 578.7 billion), up by 0.6 percent year on year, or up by 0.06 percent month on month.
However, "In July, the Manufacturing Purchasing Managers' Index stood at 49.2 percent and the Production and Operation Expectation Index was 54.1 percent," the release added.
In the first seven months, investment in fixed assets, excluding rural households, totalled 26,032.8 billion yuan (USD 3.86 trillion), down 6.7 per cent year-on-year, while fixed-asset investment excluding real estate development fell 3.7 per cent.
"The investment in high-tech industries grew by 5.0 percent year on year, of which the investment in information services, aerospace vehicle and equipment manufacturing, and electronic and communication equipment manufacturing grew by 19.2 percent, 12.3 percent and 7.1 percent respectively."
China's real estate investment plunged 19.2 per cent, while infrastructure and manufacturing investment declined 3.6 per cent and 1.7 per cent, respectively.
"In terms of sectors, the investment in infrastructure declined by 3.6 percent year on year; that in manufacturing declined by 1.7 percent; and that in real estate development declined by 19.2 percent," the release added.
Meanwhile, industrial output grew 4.5 per cent in July, but down from 5.3 per cent in June, while the urban unemployment rate edged up to 5.2 per cent from 5 per cent.
Apart from this, "production and supply of electricity, heat power, gas and water went up by 5.4 percent," National Bureau of Statistics said.
Also, in the first seven months, "the core CPI excluding the prices of food and energy went up by 1.1 percent year on year. Specifically, the core CPI in July went up by 0.9 percent year on year," the release added. (ANI)
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