BEIJING, Aug 14 — Output by Chinese factories and workshops slowed sharply in July, growing by a lower-than-expected 6.4 per cent compared to the same month last year, official figures showed today.
Economists surveyed by Bloomberg News had expected growth of 7.1 per cent for July after industrial production, a key engine of growth, expanded by 7.6 per cent in June.
Retails sales, meanwhile, slowed slightly to 10.4 per cent last month while fixed asset investment posted 8.3 per cent growth in the January-July period — both slightly below expectations.
“In general, the national economy was generally steady in July with continued positive momentum and deepening structural reform,” national statistics bureau spokesman Mao Shengyong said at a news conference.
“But we also see that the international circumstance is still complicated and fluid, domestic structural conflicts still stand out, and there are still a lot of hidden concerns.”
The July data comes as the government seeks to rein in huge debt and excess capacity left over from massive government-backed infrastructure spending at the height of the global financial crisis. — AFP