Friday, December 13, 2019 | ePaper

China's industrial output hits 17-year low

  • Print
AFP, Beijing :
China's economy showed further signs of strain in July with output at its factories falling to its lowest level in 17 years, while investment and retail sales slowed, official data showed Wednesday.
The figures are the latest to highlight how the world's second-largest economy is being battered by an escalating trade war with the United States and slowing global demand.
Industrial output increased 4.8 percent on-year in July, down from 6.3 percent in June and marking the weakest pace since 2002. It was also well below the 6.0 percent forecast by economists in a Bloomberg News survey.
"Given the complicated and grave external environment and the mounting downward pressure on the economy at home, the foundation for sustainable and healthy growth of the economy still needs to be consolidated," said Liu Aihua, a spokeswoman for the National Statistics Bureau, which released the data.
The data also showed China's billion-strong army of consumers were showing signs of becoming more frugal.
Retail sales, which have long been a bright spot for the economy, slowed to a 7.6 percent rise last month, sharply down from 9.8 percent in June.
The news highlights the battle China's leaders have in trying to navigate the country's economy from exports and government investment to one driven by domestic consumption.
Fixed-asset investment increased 5.7 percent in January-July, slowing from 5.8 percent in January-June.
Growth in gross domestic product slowed to 6.2 percent in the second quarter of the year - the weakest pace in almost three decades.
The economic malaise makes it more difficult for President Xi Jinping to fight back forcefully against Washington - which is using tariffs as leverage to try to force Beijing into opening up its markets.

More News For this Category

Samuel S Chowdhury, Chairman of Square Pharmaceuticals Limited, presiding over its 53rd AGM at a club in the city on Thursday. The AGM declared 42 per cent Cash and 7 per cent Stock Dividend to its shareholders for the year ended 30 June, 2019. Ratna Patra, Vice-Chairman, Anjan Chowdhury and Kazi Iqbal Harun, Directors, SM Rezaur Rahman, Independent Director and high officials of the company were also present.

Samuel S Chowdhury, Chairman of Square Pharmaceuticals Limited, presiding over its 53rd AGM at a club in the city on Thursday. The AGM declared 42 per cent Cash and 7 per cent Stock Dividend to its shareholders for the year ended 30 June, 2019. Ratna Patra, Vice-Chairman, Anjan Chowdhury and Kazi Iqbal Harun, Directors, SM Rezaur Rahman, Independent Director and high officials of the company were also present.

.

NBR to take stern action against VAT dodgers: Chairman

Economic Reporter :Cautioning the Value Added Tax (VAT) dodgers, National Board of Revenue (NBR) Md Mosharraf Hossain Bhuiyan on Tuesday said stern action would be taken if anyone evades

Govt to introduce GRP in automation of offices

Economic Reporter :As part of its digitalization process, the government has developed Government Resource Planning (GRP), an Enterprise Resource Planning (ERP) solution of its own, to manage office works

Dhaka needs to implement master plan: Minister

Business Desk :Local Government, Rural Development and Cooperatives Minister Md Tajul Islam on Thursday said the Dhaka City Master Plan would have to be implemented to make the city

Kamal urges all to engage more in tax, VAT payment

Business Desk :Finance Minister AHM Mustafa Kamal on Wednesday urged all concerned including the business community to engage themselves more in paying taxes including VAT and thus motivate others."Those

M M MonirulAlam, CEO of Guardian Life Insurance Limited (GLIL) and Meer Sajed-Ul-Basher, CEO of Impress Capital Limited, exchanging document after signing an agreement at GLIL head office in the city on Wednesday. Under the deal, employees of the finance company and their dependent family members will enjoy life coverage and medical benefits. Senior officials from both sides were also present.

M M MonirulAlam, CEO of Guardian Life Insurance Limited (GLIL) and Meer Sajed-Ul-Basher, CEO of Impress Capital Limited, exchanging document after signing an agreement at GLIL head office in the city on Wednesday. Under the deal, employees of the finance company and their dependent family members will enjoy life coverage and medical benefits. Senior officials from both sides were also present.

.

Nahim Razzak, M.P of Shariatpur-3, inaugurating the 141st branch of Mercantile Bank Limited by cutting ribbon at Bhedarganj in Shariatpur on Thursday as chief guest. Md. Quamrul Islam Chowdhury, CEO, Mohd. Selim, Vice-Chairman, Md. Anwarul Haque, Risk Management Committee Chairman, Md. Abdul Hannan, A.K.M. Shaheed Reza and M A Khan Belal, Directors of the bank and local elites were also present.

Nahim Razzak, M.P of Shariatpur-3, inaugurating the 141st branch of Mercantile Bank Limited by cutting ribbon at Bhedarganj in Shariatpur on Thursday as chief guest. Md. Quamrul Islam Chowdhury, CEO, Mohd. Selim, Vice-Chairman, Md. Anwarul Haque, Risk Management Committee Chairman, Md. Abdul Hannan, A.K.M. Shaheed Reza and M A Khan Belal, Directors of the bank and local elites were also present.

.

Bourses finish week a bit higher

Economic Reporter :Country's premier bourse, Dhaka Stock Exchange (DSE) closed on Thursday little higher maintaining the winning streak of previous day, as the investor took a caution position.The broad

Govt works to increase trade ties with Belarus: Tipu

Business Desk :Commerce Minister Tipu Munshi on Wednesday said the government is working to increase the trade and investment ties with Belarus for availing the huge potentialities of Bangladeshi

Deal signed with Czech Republic to avoid double taxation

Business Desk :Bangladesh and the Czech Republic have signed a double taxation avoidance agreement (DTAA) in a bid to strengthen bilateral trade and investment ties between the two countries.National