China’s economy exhibited signs of slowdown in July 2025 as factory output and retail sales slowed and housing prices dropped further, according to data released by the National Bureau of Statistics (NBS). Uncertainty over tariffs on exports to the US is still looming over the world’s second-largest economy. The US has extended a pause on a hike in import duties following a 90-day pause that began in May.
Annual growth in industrial output slowed to 5.7% in July from 6.8% in June, according to NBS, an eight-month low. Investments in factory equipment and other fixed assets increased a meagre 1.6% in January-July. Exports were a bright spot but economists believe that slowing of industrial growth shows that the positive effect of higher exports may already be tapering off.
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