China’s August Industrial Output up 5.6%, Retail Sales up 0.5%

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China’s industrial output growth accelerated to 5.6% YoY in August, the fastest rate this year, as reported by Reuters on September 15, citing the latest report from the National Bureau of Statistics (NBS) on the same day. Retail sales rose 0.5% YoY, growing for the first time in 2020, after a 1.1% YoY slump in July. Auto sales also increased last month, up 11.8% YoY, while telecoms product sales bounced 25.1% YoY.

Furthermore, the report showed that the fall in fixed-asset investment significantly slowed in pace, down 0.3% YoY in the first eight months of the year, comparing to 1.6% YoY in the first seven months to July. Fixed-asset investment in the private sector, contributed significantly to the improvement, falling only 2.8% YoY in eight months relative to 5.7% January to July. Property investment for the last month posted the largest increase in 16 months. Crude steel and aluminum output also beat previous records. Overall, the indicator shows strong economic recovery that gained momentum, fuelled by extended government support. However, NBS spokesperson warned that the renounce remains unbalanced while the external trade environment is also unstable.

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