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China’s Industrial Production Grows At The Slowest Pace In Over 17 Years In August

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China's economy continued to show signs of weakness in a release of its factory output data for the month of August on Monday. As per the data, the country's industrial production grew at its weakest pace in 17 and a half years in August at 4.4 percent. It was the slowest since February 2002. In July, China's factory output grew at 4.8 percent.

A Reuters poll had forecast output growth at 5.2 percent.

China’s Industrial Production Grows At The Slowest Pace In Over 17 Years In Aug
 

Both manufacturing and mining output fell. Manufacturing grew at 4.3 percent and mining output at 3.7 percent in August.

Amid lashes from trade disputes with the US and soft domestic demand, the country is facing hurdles in its attempt to revive its economy. According to data published by China's National Bureau of Statistics, retail sales grew at 7.5 percent, which is lower than July's 7.6 percent.

Fixed-asset investment, like real-estate, saw a 5.5 percent increase for the first eight months of the year, which is slightly lower than forecasts by analysts.

As its trade war with the US dragged on too long, China saw its factory activity shrink for the fourth consecutive month. The trade dispute has been on for more than a year, disrupting global supply chains.

Chinese Premier Li Keqiang in an interview before the release of the data said that it would be "very difficult" for the economy to continue growing at 6 percent as it faces "downward pressure".

In August, US President Donald Trump announced additional tariffs that would, when implemented, put all Chinese goods entering the US exposed to some kind of duties.

A formal trade negotiation meet is scheduled between the two countries for October. Meanwhile, China cut down the minimum requirement of cash to be held by banks in reserve. It is expected to free 900 billion yuan ($126.35 billion) for lending purposes to businesses that need the credit.

Read more about: china
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