July 16, 2018 / 2:12 AM / 8 months ago

China June industrial output weaker; investment in line with expectations

FILE PHOTO: A worker walks past rolls of steel wires at a factory in Nantong, Jiangsu province, China July 3, 2018. REUTERS/Stringer/File Photo

BEIJING (Reuters) - China’s industrial output grew 6.0 percent in June from a year earlier, missing expectations, while fixed-asset investment growth slowed to 6.0 percent in the first half of the year, in line with forecasts, data showed on Monday.

Analysts polled by Reuters had predicted industrial output growth would slow to 6.5 percent from 6.8 percent in May, and fixed-asset investment to cool to 6.0 percent in the first half from 6.1 percent in January-May.

Private sector fixed-asset investment rose 8.4 percent in January-June, compared with an increase of 8.1 percent in the first five months, according to official data.

Private investment accounts for about 60 percent of overall investment in China.

Retail sales rose 9.0 percent in June from a year earlier, in line with expectations of an increase of 9.0 percent, compared with a rise of 8.5 percent in May.

The economy has already felt the pinch from a multi-year crackdown on riskier lending that has driven up corporate borrowing costs, promoting the central bank to pump out more cash by cutting reserve requirements for lenders.

Reporting by Kevin Yao and Cheng Fang; Editing by Sam Holmes

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