China’s recovery likely dealt another blow from extreme weather
extreme weather this summer.
As pressure builds on policymakers to roll out more stimulus, data due Saturday will show growth in industrial production slipped in August for a fourth straight month, in what would be its longest deceleration in almost three years. A slower expansion in activity also extended to retail sales and investment, according to analysts surveyed by Bloomberg.
The widespread weakness would be a signal of how little traction the $17 trillion economy has generated in recovering from its worst stretch in five quarters. Heat waves — coupled with torrential rains that snarled travel and flooded farmland and mines — have added to setbacks for Beijing and its pursuit of growth around 5%, a goal most global banks now believe might be out of reach.
“The economy was under a double whammy of weather shocks and weak demand in August,” Citigroup Inc. economists including Xiangrong Yu said in a report this week. “The ‘around 5%’ growth target could be at risk.”
The snapshot of activity will be the last reading before China releases its estimate of gross domestic product for the third quarter next month.
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