Chinese factory, consumer sector stumbles on COVID-19 turmoil

According to data from the National Bureau of Statistics, industrial production in August increased by 5.3% year-on-year, down from a 6.4% increase in July, the lowest pace since July 2020. Production growth missed the 5.8% increase suggested by analysts. Private consumption was also hit hard by the rise in local COVID-19 cases and floods, with August sales up only 2.5% from a year ago, well below the projected 7.0% increase last year. It was the latest clip since August. "Recent economic data show that overall demand remains vulnerable to the economy and vulnerable to sporadic COVID-19 outbreaks," said Nee Wen,…