China’s economy shows again signs of weakness

BEIJING, Nov 14 (AFP): China's economy betrayed further signs of strain on Thursday with data showing a sharp slowdown in consumer spending and factory production while investment growth hit a record low as the trade US war takes its toll.

The readings are the latest to give a headache to leaders in Beijing, who are battling the tariffs row with the US as well as a weak global outlook, while trying to control a debt mountain at home.

Officials said retail sales, a key gauge of spending by the country's vast army of consumers, grew 7.2 per cent on-year last month, down 0.6 per centage points from September and short of expectations.

The figures from the National Bureau of Statistics also showed growth in industrial production came in at 4.7 per cent, from 5.8 per cent a month earlier.

And fixed-asset investment expanded 5.2 per cent in the first 10 months, the lowest ever recorded with comparable data going back to 1998. Forecasts had been for 5.4 per cent.

Liu Aihua at the NBS warned China was facing a "complex international economic situation" with downward pressure on the domestic economy.