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MNI BRIEF: China Aug Production, Spending Rebound As Expected

MNI (Singapore)
MNI (Beijing)

China's production and consumption rebounded more than expected in Aug, despite real-estate weakness dragging down investment which failed to spring back as expected, data released by the National Bureau of Statistics on Friday showed.

Industrial production rose 4.5% y/y in Aug to hit a four-month high, outperforming the 4.0% forecast and accelerating from July's 3.7%. Retail sales increased 4.6% y/y, beating expectations for 3.0% and accelerating from July's 2.5%.

Fixed-asset investment over Jan-Aug registered a 3.2% y/y increase, the lowest since December 2020, slower than the 3.4% growth in Jan-July and lower than the 3.4% consensus. Property investment fell further by 8.8% y/y in the first eight months following the prior 8.5% decrease. Infrastructure investment and manufacturing investment grew by 6.4% and 5.9%, compared to the previous 6.8% and 5.7%.

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