The latest economic data out of China shows a sluggish recovery, marked by modest consumption growth and a prolonged real estate slump.
China’s National Bureau of Statistics released its key economic data for July on Thursday.
Retail sales, a measure of consumer spending, rose 2.7 percent from the same month last year, driven in part by steady sales of food and other basic living goods. The pace of expansion was faster than in June.
But a growing inclination to cut back on spending led to a decline in sales of automobiles and household appliances from the previous month, resulting in low overall growth.
Meanwhile, industrial output rose 5.1 percent year-on-year. But the growth rate slowed from the previous month.
Investment in real estate during the seven months through July declined by 10.2 percent from the same period the previous year. The pace of decline has accelerated.
The Chinese government has said it will focus on stimulating spending to expand domestic demand. It has also indicated plans to strengthen measures to address the real estate downturn.