China’s economy loses momentum as industrial output slows

The disappointing figures highlight a continued weakness in household consumption, despite government efforts to stimulate spending through trade-in subsidies for cars, home appliances, and other durable goods. Extreme weather conditions also disrupted economic activity last month. Three typhoons hit China in July, displacing millions across manufacturing hubs in eastern and southern regions of the country and affecting factory production. China has heavily relied on trade-in subsidies to boost consumer purchases of cars, home appliances, and other durable goods. However, the pace of subsidy distribution slowed again in July. Citi analysts estimate that average daily sales supported by these subsidies fell…