China's July Industrial Output Growth Slows to 4.5% YoY, Equipment and High-Tech Manufacturing Show Solid Gains

In July, the value-added output of industries above a designated size grew 4.5% year-on-year, compared with the previous reading of 5.3%. From January to July, the value-added output of the equipment manufacturing sector increased 9.7% year-on-year, and that of high-tech manufacturing rose 13.8%, outpacing the overall industrial output growth by 4.4 and 8.5 percentage points, respectively. In July, industrial robot production surged 30.2% year-on-year, photovoltaic cell output fell 9.4%, smartphone output declined 22.9%, and new energy vehicle production increased 29.9%.