"China's economy showed further signs of weakness last month, with key data Monday revealing factory output and consumption rising at their weakest pace for around a year. Beijing has struggled to fully reignite the world's number two economy since the end of the COVID-19 pandemic, with the once-booming property sector mired in a debt crisis and exports facing mounting headwinds. The trends have contributed to a slump in consumer confidence, dragging on spending and threatening leaders' official growth target for this year of around 5%."
"New residential property prices fell year-on-year during August in 65 out of 70 cities surveyed by the NBS, data also showed. Urban unemployment ticked up to 5.3% last month, a slight increase from 5.2% in July, according to NBS data. "In the domestic market supply is strong, demand is weak and some enterprises are facing operational difficulties," NBS chief economist Fu Linghui told a news conference Monday. Fu added that "there is still much instability and uncertainty in the external environment, and (China's) economic performance still faces numerous risks and challenges"."
Factory output and consumer spending in China slowed notably in August, with industrial production up 5.2% year-on-year and retail sales rising 3.4%, both the weakest rates in about a year and below forecasts. New residential property prices fell year-on-year in 65 of 70 surveyed cities, and urban unemployment edged up to 5.3%. Slumping consumer confidence and weak domestic demand are dragging on spending and weighing on the official growth target. Policymakers face pressure to provide additional support amid operational difficulties for some enterprises and ongoing external uncertainties, including strained relations with the United States.
Read at Fortune Asia
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