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China’s economy slows in July as investment hits two-decade low

China’s economy slows in July as investment hits two-decade low

Mubasher: China’s business activity has seen a further slowdown during July, as investment hit an almost two-decade low, official data revealed on Tuesday.

This indicated that the world’s second-largest economy is in the face of headwinds, as trade tension with the US is escalating.

Fixed-asset investment incoming to China’s non-rural areas jumped 5.5% between January and July, compared with the same half of the prior year, the National Bureau of Statistics (NBS) stated.

This was the slowest investment trajectory seen since the end of 1999, according to financial data firm Wind Information, while the pace was weaker than the 6% rise recorded over the period between January and June. Analysts polled by Wall Street Journal (WSJ) expected a 6% rise.

Retail sales climbed 8.8% in July compared to the same month of the prior year, but slower than a 9% year-on-year increase observed in June, while sales gained 0.67% month-on-month in July.

Chinese value-added industrial production rose 6% year-on-year in July, unchanged from the previous month’s gain, missing WSJ analyst expectations of 6.4%.

In July, Chinese industrial production ticked up 0.48% from the previous month when it went up 0.36% from the preceding month, the NBS said.