China's July industrial output and retail sales growth slowed and undershot forecasts, adding to a raft of recent weak data, suggesting policymakers may need to step up support measures to shore up a faltering economy.
However, the persistent drag in the property sector, mounting local government debt pressure, high youth jobless rate and cooling foreign demand continue to be major impediments to fostering a sustainable economic revival.
Tuesday's figures suggest the broader economy remained underpowered last month and come on top of a batch of gloomy data over the past week including disappointing trade and consumer price numbers as well asFixed asset investment expanded 3.4% in the first seven months of 2023 from the same period a year earlier, versus expectations for a 3.8% rise. It grew 3.8% in the January-June period.
Investment in the property sector tumbled 8.5% year-on-year in January-July, after shrinking 7.9% in January-June. Demand for the property sector, once a pillar of economic growth, has remained weak in recent weeks. The Politburo, a top decision-making body of the ruling Communist Party, said last month it is necessary to adapt to significant changes in market supply and demand and optimise property policies in a timely manner.Reporting by Albee Zhang, Ellen Zhang and Kevin Yao Editing by Shri Navaratnam
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