China’s economy softened in August, extending a slowdown in industrial activity and real estate prices as Beijing faces pressure to ramp up spending to stimulate demand. Data published by the National Bureau of Statistics Saturday showed weakening activity across industrial production, retail sales and real estate in August compared to July.
FILE - People look at their phones while waiting to cross an intersection in the rain at the Taikoo Li Sanlitun shopping center in Beijing , July, 30, 2024. BEIJING — China’s economy softened in August, extending a slowdown in industrial activity and real estate prices as Beijing faces pressure to ramp up spending to stimulate demand.
“We should be aware that the adverse impacts arising from the changes in the external environment are increasing,” said Liu Aihua, the bureau’s chief economist in a news conference. China has been grappling with a lagging economy post-COVID, with weak consumer demand, persistent deflationary pressures and a contraction in factory activity.US House clears a largely bipartisan package of bills to counter ChinaWhile industrial production rose by 4.5% in August compared to a year ago, it declined from July’s 5.1% growth, according to the bureau’s data released.Fixed asset investment rose by 3.4% from January to August, down from 3.6% in the first seven months.
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