China's industrial output loses steam in July

BEIJING?- China's value-added industrial output expanded 6 percent year on year in July, slower than the 6.2 percent increase for June, according to official data released Friday.

Despite the slowdown, growth was "generally steady," equalling year-on-year growth for the first seven months of 2016, the National Bureau of Statistics (NBS) said.

NBS spokesman Sheng Laiyun said slower growth in July was partly due to severe flooding and hot weather affecting industrial production in several parts of the country.

In July, floods left 671 people dead or unaccounted for and caused direct economic losses of more than 213.24 billion yuan ($32 billion), according to the Ministry of Civil Affairs.

Sheng added that China's economy was still within the proper range, as industrial output saw faster month-on-month growth despite the year-on-year slowdown.

On a month-on-month basis, industrial output rose by 0.52 percent in July, slightly faster than the expansion in June, the NBS said.

Industrial output measures the production of Chinese companies with annual business revenue of more than 20 million yuan.

According to the breakdown, output in central regions rose 7.6 percent last month, followed by 6.7 percent for eastern regions and 6.6 percent in the west.

Output of automobile manufacturing saw growth of 22.9 percent in July and electronics manufacturing output was up 12 percent, the NBS said.