China July Below-Expected Economic Data Show Growth Slowdown

     Data released Monday by the National Bureau of Statistics:

                 Industrial Output  Retail Sales  Fixed-asset Investment

------------------------------------------------------------------------

July                           6.4          10.4                     8.3

Forecast Median                7.0          10.7                     8.6

Previous                       7.6          11.0                     8.6

     All figures year-over-year % changes.

     INDUSTRIAL OUTPUT

     China's industrial output rose 6.4% year-on-year in July, much lower than

the 7.6% year-on-year increase in June. The July result was below the MNI survey

median forecast for a 7.0% rise.

     Output rose 0.41% month-on-month in July, a sharp slowdown from the gain of

0.79% m/m in June.

     RETAIL SALES

     Retail sales rose 10.4% year-on-year in July, lower than the MNI survey

median forecast for a 10.7% gain and slower than the 11.0% growth rate in June.

     On a month-over-month basis, retail sales rose 0.73% in July, down from the

gain of 0.91% in June.

     FIXED-ASSET INVESTMENT

     Fixed-asset investment rose 8.3% year-over-year in the first seven months

of 2017, slowing from the 8.6% gain posted in the January-to-June period. The

January-to-July figure was lower than the MNI survey median for a 8.6% increase.

     On a month-over-month basis, fixed-asset investment rose 0.61% in July,

down from the gain of 0.68% in June.

     Property investment in the first seven months rose 7.9% year-on-year, below

the 8.5% gain in the first half and the lowest since the January-December 2016

reading, when it was 6.9%.

--MNI Beijing Bureau; +86 (10) 8532 5998; email: marissa.wang@marketnews.com

--MNI BEIJING Bureau; +1 202-371-2121; email: john.carter@mni-news.com

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