China’s economy slows unexpectedly as Covid outbreaks and property crisis bite

Retail sales and industrial output lower than forecast, with fears that China could miss its annual growth target for first time since 2015

China’s economy unexpectedly slowed in July, with factory and retail activity squeezed by Beijing’s zero-Covid policy and a property crisis, while the central bank surprised markets by cutting key lending rates to revive demand.

July’s industrial output grew 3.8% from a year earlier, slightly down from 3.9% in June, data from the National Bureau of Statistics (NBS) showed. That compared with a 4.6% increase expected by analysts in a Reuters poll.

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