Weaker retail sales and industry coincide with slowing export growth, adding pressure on the economy
China’s economy showed signs of strain in August, as sluggish domestic demand, headwinds from the US trade war and a prolonged property downturn continued to weigh on several major indicators.
Retail sales, a major gauge of consumption, rose by 3.4 per cent in August from a year earlier, missing the 3.82 per cent forecast in a poll by financial data provider Wind and down from July’s 3.7 per cent growth, data from the National Bureau of Statistics (NBS) showed on Monday.
Fu Linghui, spokesperson for the bureau, said the economy was “generally stable” in August, but cautioned that “many unstable and uncertain factors in the external environment” remained, with the economy “confronted with multiple risks and challenges”.
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