The slowdown in China’s economy appears to have levelled off in July, with growth in factory production, investment and real estate construction all picking up last month, according to official data released on Friday.
Most economists had expected the figures to show stabilisation in China’s slowing growth but some numbers surprised on the upside, suggesting some global investors’ fears of an imminent collapse in the world’s second-largest economy are unfounded.
Industrial production at large enterprises, a closely watched measure that usually tracks China’s gross domestic product, increased 9.7 per cent from a year earlier in July, sharply up from 8.9 per cent growth in June and the fastest pace since February.
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