China Last month's industrial production for the first time in 17 years August 14th 15:31

Last month's industrial production in China remained at a low level for the first time in 17 years, mainly due to a drop in sales of new cars.

China's National Bureau of Statistics announced on the 14th that last month's industrial production grew 4.8% compared to the same month last year, 1.5 points below the previous month.

The rate of growth slowed for the first time in two months, the lowest level since February 2002 for the first time in 17 years and five months.

By industry, the automobile industry continued to see a significant decline in new car sales, down 4.4%, and the spinning industry, which is subject to high tariffs from the United States, only grew 1.2%. It has become a form influenced by trade friction with.

At the same time, the total retail sales showing the level of consumption announced at the same time last month increased by 7.6% compared to the same month last year, an increase of 2.2 points compared to the previous month, as well as infrastructure and production facilities. Investment in fixed assets has also slowed, and the main indicators have slowed down.

A spokesman for China National Statistics Office Liu Aika, who spoke at the press conference, said, “The downward pressure on the economy is getting stronger, but a series of measures taken by the government is gradually taking effect,” including tax cuts for businesses. As a result of economic measures, we have indicated that the economy will recover in the future.