China's retail sales slipped in July, dashing expectations for a modest rise, as signs of an expected consumer comeback in the world's second-largest economy stays elusive
BEIJING - China’s retail sales slipped in July, dashing expectations for a modest rise, as consumers in the world’s second-largest economy failed to shake off wariness about the coronavirus, while the factory sector’s recovery struggled to pick up pace.
However, July data from the National Bureau of Statistics on Friday showed weaker-than-expected year-on-year industrial output growth and retail sales extending declines into a seventh straight month. That was slightly offset by firmer property investment, which showed recent stimulus was supporting construction.
Industrial output grew 4.8% in July from a year earlier, in line with June’s growth but less than a forecast 5.1% rise. “Given we are likely to see a resurgence of COVID in the autumn and winter, it is not recommended that monetary policy be tightened too prematurely and fiscal policy stay insufficient.”INVESTMENT BRIGHT SPOT
Fixed-asset investment fell 1.6% in January-July from the same period last year, in line with expectations but slower than a 3.1% decline in the first half of the year. “After the floods are over, I believe the reconstruction work for affected areas will boost fixed-asset investment and industrial production,” said Iris Pang, chief economist for Greater China at ING.
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