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China reports slow July retail and industrial growth
Official data shows that China's economic growth slowed in July, with retail sales increasing by 0.6% year-on-year, down from 1% in June. Industrial production growth also declined to 4.5% from 5.3%. This slowdown occurs as Beijing aims for a growth rate between 4.5% and 5% for the year, which is the lowest official target in decades. Additionally, fixed asset investments dropped by 6.7% from January to July, reflecting the economic challenges the country is facing.
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