China's industrial output up 4.8% in July

China's industrial output expanded by 4.8 percent on a yearly basis in July as the economy continues to recover from the shocks generated by the COVID-19 pandemic, data from the National Bureau of Statistics showed on Friday.

The country's fixed-asset investment including those in manufacturing, infrastructure and property sectors declined by 1.6 percent year-on-year from January to July. The fall narrowed from the 3.1 percent drop in the first six months, according to the NBS.

Meanwhile, retail sales dropped by 1.1 percent in July on a yearly basis, narrowing from the 1.8 percent decline in June. However, sales of commercial goods for the first time returned to expansion mode since this year, growing by 0.2 percent year-on-year in July as domestic consumption gradually recovers.