China’s factory output and retail sales grew at a faster pace in August, but tumbling investment in the crisis-hit property sector threatens to undercut a flurry of support steps that are showing signs of stabilising parts of the wobbly economy. <\/p>\n\n\n\n
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Chinese policymakers face a daunting task in trying to revive growth after a brief post-COVID bounce in the wake of persistent weakness in the crucial property industry, a faltering currency, and weak global demand for its manufactured goods.Industrial output rose 4.5% in August from a year earlier, beating expectations for a 3.9% increase in a Reuters poll of analysts.<\/p>\n\n\n\n
Retail sales, a gauge of consumption, also increased at a faster 4.6% pace in August, aided by the summer travel season, and was the quickest growth since May. The positive data suggests that a spate of recent measures to shore up the economy are starting to bear fruit, prompting JP Morgan to raise its forecast of China’s 2023 gross domestic product growth to 5% from prior 4.8%.<\/p>\n\n\n\n
However, a durable recovery is far from assured, especially as confidence remains low in the embattled property sector and continues to be a major drag on growth. The markets showed relief at some of the better-than-expected indicators, such as the Chinese yuan touching two-week highs against the dollar, the blue-chip CSI 300 Index (.CSI300) being up 0.2%, and Hong Kong’s Hang Seng Index (.HSI) climbing 1% in early morning trade.<\/p>\n","protected":false},"excerpt":{"rendered":"
China’s factory output and retail sales grew at a faster pace in August, but tumbling investment in the crisis-hit property sector threatens to undercut a flurry of support steps that are showing signs of stabilising parts of the wobbly economy. Chinese policymakers face a daunting task in trying to revive growth after a brief post-COVID …<\/p>\n","protected":false},"author":13,"featured_media":88945,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,37,36],"tags":[7540,7518,7072],"class_list":["post-89500","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-forex-markets","category-market-updates","tag-chinese-economy","tag-economic-recovery","tag-factory-activity"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/89500","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=89500"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/89500\/revisions"}],"predecessor-version":[{"id":89503,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/89500\/revisions\/89503"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/88945"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=89500"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=89500"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=89500"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}