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China’s industry and consumption slow down amid economic pressures
China’s economic momentum weakened in August as both industrial output and retail sales grew at a slower pace than expected, according to official data released on Monday. The figures highlight the persistent challenges facing the world’s second-largest economy.
Industrial production rose by 5.2% year-on-year, its lowest growth rate in a year and below analysts’ forecasts of 5.6%. Weak global demand and ongoing strains in the real estate sector, once a key driver of growth, have contributed to this slowdown.
Retail sales, a key indicator of household consumption, increased by only 3.4% in August compared to a year earlier, the weakest pace in nine months and below the expected 3.8%. The decline coincides with the fading impact of government-backed subsidy programs aimed at encouraging households to replace old appliances and electronics with new purchases.
The prolonged property crisis, high youth unemployment, and fragile consumer confidence continue to weigh on the economy, fueling concerns about deflationary pressures.