Other data for July released in the last two weeks have indicated consumer demand remains sluggish.
Retail sales rose by 2.7% in July from a year ago, beating forecasts of 2.6% growth according to a Reuters poll.Within fixed asset investment, the drag from real estate worsened, down by 10.2% on a year-to-date basis as of July, versus a drop of 10.1% as of June.
Pictured here are cars ready for export at the Haitong Automobile Terminal depot in Taicang Port, Suzhou, Jiangsu province of China on Aug. 10, 2024.BEIJING — China's retail sales grew more than expected in July, while industrial production missed forecasts, the National Bureau of Statistics said Thursday.
Retail sales rose by 2.7% in July from a year ago, beating forecasts of 2.6% growth according to a Reuters poll.Fixed asset investment for the first seven months of the year rose by 3.6%, below the 3.9% growth analysts had predicted. Within fixed asset investment, the drag from real estate worsened, down by 10.2% on a year-to-date basis as of July, versus a drop of 10.1% as of June.
The infrastructure and manufacturing components also slowed their growth for the year as of July versus June."Pains are caused while old growth drivers are replaced by new ones," the statistics bureau said in an English-language version of the release. It noted an "adverse impact" from the external environment and insufficient domestic demand.rose by a more-than-expected 0.5% in July from a year ago, boosted by a surge in pork prices.
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