SHANGHAI–China’s retail sales of consumer goods grew 10.2 percent in July, a slight contraction from the 10.6 percent growth seen in June.
Retail sales were up 10.3 percent for the first seven months of the year, with a stronger performance in the second quarter, according to data released by China’s National Bureau of Statistics on Friday.
Sales of food and beverage saw their sales grow 11 percent in July, while sales of clothing, shoes and textiles advanced 9.4 percent for the month. Sales of cosmetics increased 9 percent in July, and 8.9 percent so far in 2016.
Industrial production had been expected to hold steady at the same 6.2 percent rate of growth seen in June, but fell slightly to 6 percent in July – the same rate as the weaker April and May months.
The NBS also released data regarding private investment in fixed assets, which grew by 2.1 percent over the year to the end of July, while national investment in fixed assets has increased 8.1 percent over the same period. This represents the slowest rate of growth for such investments since 2000.
China’s economy over the first seven months of the year was “running at a reasonable range” in spite of parts of the country being hit by severe floods and heat waves, as well as weak domestic market demand, according to a release from the NBS.
“Some indicators of growth has slowed, but the employment situation is stable prices, supply-side structural reforms are moving forward, [we are seeing a] slower but stable national economic situation,” the statement said.
China’s consumer price index rose 1.8 percent year on year for July — slowing down from the 1.9 percent growth registered in June and the 2.3 percent growth registered in February, March and April, the National Bureau of Statistics said Tuesday.