Growth in Chinese industrial output fell to its slowest rate in 17 years in July, official data indicated, in the latest sign that demand for goods in the world’s number two economy is sliding amid a damaging trade war with the US.
Data from the country’s National Bureau of Statistics published on Wednesday showed that industrial output - a broad measure of manufacturing production - rose by 4.8 per cent during the month, or its weakest rate since February 2002. It was also lower than the 6.3 per cent rate of growth recorded in June, and below the 5.8 per cent forecast by economists polled by Reuters.
Meanwhile, Chinese retail sales grew by 7.6 per cent in July, their weakest rate since April and below the 8.6 per cent growth anticipated by economists polled by Reuters.