China’s industrial output dips, economy slides

The growth engine of China has suddenly lost steam, as is evident from its current economic figures being absolutely dismal. Market experts state that this may be due to the government’s curbs on property, excess borrowing, and industrial overcapacity – factors that have thwarted progress.
 
China’s industrial output increased 6.4% from a year earlier in July, versus a median projection of 7.1% and June’s 7.6%. Retail sales grew 10.4% from a year earlier, compared with a projection of 10.8% and 11% in June. The fixed-asset investment in urban areas increased 8.3% from a year earlier in the first seven months, versus a forecasted 8.6% rise.
 
The services output index increased 8.3% in July, slowing from 8.6% in June. New-energy vehicle output rose 48.6% YoY, up from 29.2% in June. Fixed asset investment in ferrous and nonferrous metals smelting and processing dropped 11.8% and 5.2% YoY, respectively.