Within industrial production, manufacturing output grew by 6.0 per cent year-on-year, while mining shrank by 2.6 per cent.
Fixed asset investment, a cumulative measurement of expenditure on infrastructure, property and capital goods in the year so far, fell by 1.6 per cent over the first seven months of 2020. But it is edging closer to growth, improving from the 3.1 per cent decline in the first six months of the year, and 6.3 per cent in the first five. July’s drop was in line with expectations.
On a monthly basis, compared to a year earlier, fixed asset investment actually grew by 4.8 per cent, a product of a significant construction boom taking shape in China which has led to huge shipments of iron ore and coal and debt issuance in the private and public sectors.