China retail sales growth slows, falling below forecasts

China retail sales growth slows, falling below forecasts

BEIJING: China on Tuesday released weaker than expected economic data, with slowing retail sales growth pointing to shaky consumer confidence in the world second-largest economy.
A slew of disappointing figures in recent months has reflected a slump as China post-Covid rebound fades.
Retail sales, a key gauge of consumption, grew 2.5 percent year-on-year in July, the National Bureau of Statistics said on Tuesday, down from 3.1 percent in June and falling short of analyst expectations.
Chinese leaders have sought to boost domestic consumption in recent weeks, with the State Council last month releasing a 20-point plan to encourage citizens to spend more in sectors including vehicles, tourism and home appliances.