BEIJING, China―China’s industrial output, a key engine of growth, slowed sharply in July as government efforts to rein in debt weighed on demand and economic activity, official data showed Monday. Economists surveyed by Bloomberg News had expected growth of 7.1 percent for July after industrial production expanded by 7.6 percent in June. “In general, the national economy was generally steady in July with continued positive momentum and deepening structural reform,” national statistics bureau spokesman Mao Shengyong said at a news conference. Economic growth could slow by up to 0.2 percentage points in the second half of the year, Mao said. Julian Evans-Pritchard, China economist at Capital Economics, said Monday’s figures provided “mixed signals” as growth in electricity and steel output accelerated while production of consumer goods and most other commodities slowed.

Source: The Standard August 14, 2017 05:48 UTC