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MNI BRIEF: China August Data Quicken More Than Expected

MNI (Singapore)
MNI (Singapore)

China's economy stabilised in August as industrial production, retail sales and fixed asset investment all quickened more than expected as pro-growth policies kicked in, National Bureau of Statistics data released on Friday showed.

Industrial production rose 4.2% y/y in August from July's 3.8%, beating the consensus forecast for a 3.8% rise. Retail sales rebounded to 5.4% y/y in August from July's 2.7%, exceeding the forecast 3.1% gain. The surveyed urban unemployment rate stood at 5.3% in August, down 0.1 percentage point from July.

Fixed-asset investment edged up to 5.8% y/y in the first eight months compared to the 5.7% gain in the Jan-Jul period. This bettered the median forecast for a 5.6% rise. Property investment fell 7.4% y/y to hit the lowest level since March 2020, sliding further from the previous 6.4% fall. Both infrastructure investment and manufacturing investment accelerated by 0.9pp and 0.1 pp, respectively, to 8.3% and 10.0%.

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