China’s economy lost further momentum in July as key activity indicators all fell short of market expectations, signalling that the rebound seen earlier in the year is fading. Data from the National Bureau of Statistics on Friday showed industrial production rising 5.7% from a year earlier, the weakest pace since November 2024 and below economists’ projections for a 5.9% gain. Retail sales increased 3.7%, missing the 4.6% consensus and slowing from June’s 4.8% expansion. Fixed-asset investment grew just 1.6% in the January-to-July period, undershooting forecasts for 2.7% and decelerating from 2.8% in the first half of the year. Within the sector, property investment contracted 12%, underscoring the continued drag from the country’s protracted real-estate downturn. Separate data showed coal production slipping 3.8% on the year to 380.99 million tonnes, the lowest monthly output since April 2024, as regulators imposed mine inspections to curb oversupply. The decline adds to evidence that Beijing’s campaign against excess capacity and extreme weather disruptions are weighing on industrial activity. The broad-based slowdown—coming amid weak domestic demand, lingering trade frictions with the United States and factory-gate deflation—has amplified calls for additional stimulus to keep full-year growth on track for the government’s roughly 5% target. Economists expect policymakers to step up fiscal spending and targeted credit support in the months ahead, though authorities have so far signalled only incremental measures.