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July data shows further cooling of Chinese economy
By Wang Yanlin |
August 9, 2012, Thursday
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Online Edition
Online Edition
CHINA'S economy continued to cool down in July with less-than-expected growth in industrial production, fixed-asset investment and retail sales, dampening the hope of economists for a modest recovery in the second half.
But to their relief, July's inflation expanded at the slowest pace in 30 months, allowing more room for policy easing to encourage growth in the world's second-largest economy.
Consumer Price Index, the main gauge of inflation, rose 1.8 percent from a year earlier last month, the National Bureau of Statistics said today.
The rate, largely in line with the market expectation, slowed further from June's increase of 2.2 percent and May's 3 percent. It was the slowest since February 2010.
Data released today by the bureau also showed industrial production grew 9.2 percent from a year earlier in July, down from 9.5 percent in June and short of the expected 9.8 percent.
Fixed-asset investment in the first seven months expanded 20.4 percent year on year, flat with the growth in the first half and failing the expectation for a strong rebound as the government accelerated the approval process for new investment projects.
Retail sales, a yardstick of domestic consumption, gained 13.1 percent on an annual basis in July, also weaker than the rate of 13.7 percent a month earlier.
But to their relief, July's inflation expanded at the slowest pace in 30 months, allowing more room for policy easing to encourage growth in the world's second-largest economy.
Consumer Price Index, the main gauge of inflation, rose 1.8 percent from a year earlier last month, the National Bureau of Statistics said today.
The rate, largely in line with the market expectation, slowed further from June's increase of 2.2 percent and May's 3 percent. It was the slowest since February 2010.
Data released today by the bureau also showed industrial production grew 9.2 percent from a year earlier in July, down from 9.5 percent in June and short of the expected 9.8 percent.
Fixed-asset investment in the first seven months expanded 20.4 percent year on year, flat with the growth in the first half and failing the expectation for a strong rebound as the government accelerated the approval process for new investment projects.
Retail sales, a yardstick of domestic consumption, gained 13.1 percent on an annual basis in July, also weaker than the rate of 13.7 percent a month earlier.
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