China's economic indicators for August fell short of expectations, highlighting ongoing challenges in the world's second-largest economy. According to data released by the National Bureau of Statistics, key metrics showed slower growth than anticipated:
Retail sales: increased by 2.1% year-on-year, missing expectations of 2.5% growth.
Industrial production: grew by 4.5% year-on-year, below the expected 4.7%.
Fixed asset investment: rose by 3.4% year-to-date, slightly below the forecasted 3.5%.
Additionally, home prices continued to decline, with new home prices falling by 0.73% and used home prices by 0.95% in August.
The sluggish performance comes amid a broader economic slowdown following the COVID-19 recovery period.
Despite calls from President Xi Jinping to achieve an annual growth target of around 5%, policymakers have refrained from large-scale stimulus measures, citing insufficient domestic demand.
The Bureau said, “We should be aware that the adverse impacts arising from the changes in the external environment are increasing.
"A sustained economic recovery is still confronted with multiple difficulties and challenges."
Recent data also revealed weak consumption trends, with imports rising only 0.5% year-on-year in August, while exports showed a stronger increase of 8.7%.
Meanwhile, Beijing's consumer price index registered a modest 0.6% increase from a year earlier, below analysts' expectations.
The disappointing economic figures underscore ongoing uncertainties and the need for cautious policy adjustments to support growth amid global economic headwinds.