Both headline figures fell short of expectations in July as US tariffs and a lingering property downturn continue to weigh on confidence
China’s economy showed signs of strain in July, with several headline indicators losing momentum amid a weakening of domestic consumption, headwinds from the US trade war and a prolonged property downturn.
Retail sales, a major gauge of consumption, rose by 3.7 per cent year on year in July, a decrease compared with the 4.8 per cent growth rate recorded in June, according to data released by the National Bureau of Statistics (NBS) on Friday.
The figures fell short of the 4.87 per cent growth forecast from a poll of economists by financial data provider Wind.
“Generally speaking, the national economy, with the effects of macro policy unfolding in July, maintained steady development momentum,” said Fu Linghui, spokesman for the bureau.
