Fresh signs of weakness in the mainland economy have emerged, with a raft of indicators sinking to their lowest levels in years, but Premier Li Keqiang played down the need for stimulus, curbing hopes of a shift in policy.
Industrial production in the first two months of the year grew 8.6 per cent year on year, the slowest rate since the global financial crisis, after rising 9.7 per cent in December, data released by the National Bureau of Statistics showed yesterday.
Fixed asset investment rose 17.9 per cent in January and February, the least since 2002 and compared with full-year growth of 19.6 per cent last year.
Retail sales growth cooled to 11.8 per cent in the two months from 13.6 per cent in December.
Power production, an indicator of industrial demand, grew a weak 5.5 per cent.
We achieved the growth target last year … why can’t we make it again this year?
Following earlier data that showed an 18.1 per cent slump in exports last month, the latest figures add to the challenges faced by Beijing in stabilising jobs and launching economic and social reforms.