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Chinese industrial production growth behind expectations in July

The pace of growth in China's economy has continued to slow during 2015
The pace of growth in China's economy has continued to slow during 2015

Industrial production in China rose 6% year-on-year in July, the government has said, far below market expectations for the world's second-largest economy.

The median forecast in a poll of 40 economists by Bloomberg News was for a 6.6% rise.

Industrial production measures output at factories, workshops and mines, and the figure also slowed from a 6.8% increase in June.

Retail sales, a key indicator of consumer spending, rose 10.5% in July from a year earlier, the National Bureau of Statistics said, just below a 10.6% forecast in the poll.

Fixed asset investment, a measure of government spending on infrastructure, expanded 11.2% on-year in the January-July period, the NBS said - also below an 11.5% median estimate, and the lowest since December 2000.

The data came as China's economy has continued to slow in 2015 after growing last year at 7.4%, its weakest pace in nearly a quarter of a century. 

Growth in gross domestic product has decelerated further this year, expanding 7% in each of the first two quarters.

The central People's Bank of China cut the value of the yuan against the dollar for a second consecutive day today, moves which should make Chinese goods cheaper overseas, giving exports a potential boost.