Officials blamed U.S. “protectionism” for the dismal July data, but growth was likely held back by real estate and new policies aimed at slowing factory investments.

Retail sales, industrial output fell short of expectations in July as several headwinds appeared to reduce consumer and investor confidence.

Officials blamed U.S. “protectionism” for the dismal July data, but growth was likely held back by real estate and new policies aimed at slowing factory investments.