China's industrial production slowed to 18% in July

International
China's industrial production slowed to 18% in July
By Finfacts Team
Aug 15, 2007, 05:32

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Chinese President Hu Jintao (left), accompanied by Kyrgyz President Kurmanbek Bakiyev, inspects the guard of honour in Bishkek, capital of Kyrgyzstan, August 14, 2007. Chinese President Hu Jintao arrived in Bishkek on Tuesday at the beginning of a state visit to the Central Asian nation of Kyrgyzstan, where he will also attend a summit of the Shanghai Cooperation Organization (SCO). ( Photo: Xinhua/Lan Hongguang)

China's industrial production expanded 18 percent in July, slowing for the first time in three months after reductions in export rebates.

Output grew less than June's 19.4 percent, China's statistics bureau reported today.

China reduced export tax rebates on 2,831 types of products begining July 1, 2007.

Chinese retail sales in July rose 16.4 percent year-on-year to reach 699.8 billion yuan ($92 billion ), according to the bureau.

China reported last Friday that its trade surplus surged 67% in July to the second-highest on record.

The surplus expanded to $24.4 billion from $14.6 billion a year earlier, the General Administration of Customs said.

Exports surged 34.2% in July, the fastest rate in five months, to a record $107.7 billion. Imports rose 26.9%, the biggest jump in six months.