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China industrial output slows in July as property-linked sectors lag

Industrial production rose 4.5% year over year in July, slowing from 5.3% in June, while high-tech manufacturing expanded 16.9% year over year.

Reported · Written up by our desk · Central Banks

ING analyst Lynn Song said China’s industrial production growth slowed more than expected in July, though the reading remains relatively resilient versus other areas of domestic activity.

In July, industrial production increased 4.5% year over year, down from 5.3% in June, and missed forecasts for a smaller moderation, with year-to-date growth at 5.3%.

Manufacturing outperformed, with manufacturing growth at 5.5% year over year, while high-tech manufacturing accelerated to 16.9% year over year from 14.1% in June, supported by strength in areas including electronics, rail, aerospace, robotics, NEVs, and semiconductors.

By contrast, property and infrastructure-linked industries stayed weak, with cement output down 11.6% year over year, steel products down 4.1%, and flat glass down 3.6%.

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