Official data released Saturday showed that China’s retail sales and industrial production growth slowed in August. This, in turn, has raised concerns about the country’s economic recovery as Beijing leaders explore strategies to meet growth targets.
Retail sales increased by 2.1 percent year-on-year in August, a slowdown from July’s 2.7 percent, and fell short of the 2.5 percent predicted by analysts.
Industrial production also decelerated, growing 4.5 percent compared to 5.1 percent in July. Both figures missed expectations, signaling that government efforts to boost the economy have yet to yield significant results.
The slowdown comes amid persistent challenges, including a prolonged debt crisis in the property sector, deflationary pressures, and rising unemployment, which reached 5.3 percent in August.
China’s National Bureau of Statistics acknowledged the difficulties, citing weak domestic demand and an adverse external environment. Despite the challenges, Beijing remains focused on achieving its five percent growth target for 2024.
