A continued property crisis and weak consumption dragged on China’s economic recovery in July, according to data released by the National Bureau of Statistics. Unemployment rose for the first time since February, clocking in at 5.2%, compared to 5% in June. Industrial production rose more slowly than the previous month, showing a 5.
FILE - People walk under the rain with umbrellas at Taikoo Li Sanlitun in Beijing, Tuesday, July, 30, 2024. BEIJING — A continued property crisis and weak consumption dragged on China ’s economic recovery in July, according to data released Thursday by the National Bureau of Statistics.Industrial production also rose more slowly than the previous month, showing a 5.1% year-on-year increase in July, compared to a 5.3% rise in June.
Beijing announced plans last month to use 150 billion yuan in government debt to finance trade-ins for consumer goods such as appliances and cars to stimulate spending.
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