China's National Bureau of Statistics reported that urban fixed-asset investment declined by 7.2% year-on-year for the period from January to August. This marks an acceleration in the downturn compared to the 6.7% drop recorded through July.
Retail sales growth slowed to 0.4% in August, falling short of the 0.8% growth expected by economists and declining from the 0.6% rate seen in July. Meanwhile, the urban survey-based unemployment rate rose to 5.3% in August from 5.2% in the previous month.
The property sector continues to struggle, with development investment falling 19.9% and infrastructure investment decreasing by 4.0% during the first eight months of the year. New bank loans in yuan totaled 60 billion yuan, or approximately $8.95 billion, in August.
Despite the overall weak demand, industrial output grew by 5.2% in August, exceeding market expectations. The National Bureau of Statistics noted an acute imbalance between supply and demand, citing external challenges and a domestic shortfall as factors for potential future stimulus.
