Growth across a range of Chinese economic indicators pulled back sharply in August, as Covid-19 and tighter property-market rules hit consumer spending and housing
BEIJING—Growth across a range of Chinese economic indicators pulled back sharply in August, as a new outbreak of the Covid-19 Delta variant and tighter government regulations on the property market hit consumer spending and the housing sector.
Real-estate investment in the first eight months of the year, meantime, increased 10.9% year over year, slowing from a 12.7% gain in the January-July period. Construction starts, as measured by floor area, dropped 3.2% in the January-August period, accelerating from a 0.9% year-over-year decline in the first seven months of the year.
As a result, services requiring close human-to-human contact, such as restaurants and tourism, were hit particularly hard. Sales in China’s catering sector fell 4.5% in August from a year earlier, down sharply from July’s 14.3% year-over-year jump, the statistics bureau said.
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