China's manufacturing production hits lowest point since 2002
- Asian Market
- 3 months ago
Chinese industrial production dropped to its worst levels for 17 years as data released from the country ’s National Bureau of Statistics Growth indicated.
According to the data released earlier today, production rose by 4.8% in July, its lowest since 2002, additionally it was considerably lower than the 6.3% rate the previous month and lower than the 5.8% rate predicted by analysts.
Although retail sales increased by 7.6%, t was way off the expected mark of 8.6% and its lowest rate since April of this year.
It comes to no surprise as the ongoing trade spat with the U.S. has damaged China’s economy as it grew to its slowest pace in almost 30 years, at 6.2% year on year.
Source: Smart Trend Team