BEIJING (AP) — A continued property crisis and weak consumption dragged on China’s economic recovery in July, according to data released Thursday by the...
BEIJING — A continued property crisis and weak consumption dragged on China ’s economic recovery in July, according to data released Thursday by the National Bureau of Statistics.Industrial production also rose more slowly than the previous month , showing a 5.1% year-on-year increase in July, compared to a 5.3% rise in June.
Beijing announced plans last month to use 150 billion yuan in government debt to finance trade-ins for consumer goods such as appliances and cars to stimulate spending. Investment in real estate dropped 10.2% year-on-year in the first seven months of the year, after decreasing 10.1% in the January-June period.after regulators cracked down on excessive borrowing by developers unleashed a chain reaction that has pulled housing sales and prices lower and hit many other parts of the economy, such as construction, building materials and home appliances.
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