China’s retail sales falter

Growth in China’s retail sales and industrial production slowed in July, official data showed Monday, with a rebound of Covid-19 dragging on demand while recent floods disrupted businesses.

The world’s second-largest economy staged a rapid recovery from last year’s coronavirus outbreak, beating back the virus with mass testing and strict lockdowns.

But a flare-up across the country due to the Delta variant has threatened the good news on growth with renewed localised lockdowns and extensive travel restrictions.

Retail sales rose 8.5 percent on-year in July, the National Bureau of Statistics said on Monday, below a Bloomberg consensus forecast of analysts.