Business
China's July Retail Sales And Industrial Output Data Fall Short Of Estimates
Chinese President Xi Jinping (Twitter/@realXi_Jinping)
China’s economy struggled to gain steam in July as the retail sales and industrial output data of China for the month came in well below the expectations.
According to China's National Bureau of Statistics data, the country's retail sales of consumer goods grew 2.7 per cent year on year in July, well below the 5 per cent growth forecast by a Reuters poll and down from growth of 3.1 per cent in June, reports CNBC.
Within retail sales, catering, furniture and construction-related categories saw a downward trend.
“The national economy maintained the momentum of recovery,” the statistics bureau said in a statement.
However, the NBS warned of rising “stagflation risks” globally and said “the foundation for the recovery of the domestic economy is yet to be consolidated".
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