China’s industrial production grew at a slower rate in July, amid uncertainties on the COVID-19 pandemic and the floods that hit operations during the period.
- Industrial production grew by 6.4% year-on-year, slower than the 8.3% recorded in June.
- China was hit by growing uncertainties over the possible resurgence of the COVID-19 pandemic due to the delta variant, as well as floods that impacted production.
- Growth was recorded in the value-added of mining, manufacturing, and production and supply of electricity, thermal power, gas, and water.
- Services production climbed by 7.8%. This is slower than the 10.1% in June but higher than the average two-year growth of 5.6%.
- All eight industries maintained positive growth, with the biggest gains seen in information transmission, software, and information technology services.
- Retail sales climbed 8.5% to 3.492 trillion yuan. This is 3.6% lower than the 12.1% growth in June.
- The biggest jump was seen in sports and recreational articles, cultural and office appliances, gold, silver, and jewelry.
- Online retail sales accounted for 23.6% of the total during the month.