China’s economic slowdown worsened in August as coronavirus outbreaks exposed lingering weakness in consumer spending and cast greater doubts over the country’s growth prospects.
Retail sales rose just 2.5 per cent in August year-on-year, far below economists’ forecasts of a 7 per cent rise, and the slowest increase in 12 months.
Industrial production, which was one of the main engines behind China’s world beating recovery in 2020, also missed targets to add 5.3 per cent, official data showed on Wednesday.
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