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China retail sales growth slows in July, misses expectations

China is looking to retool the economy from reliance on investment spending and exports to one driven more by consumer demandChina’s retail sales growth slowed sharply in July, government statistics showed Friday, missing expectations in a disappointing sign for the world’s second-largest economy with authorities looking to consumer demand to push growth. Retail sales rose 10.2 percent in the month, the National Bureau of Statistics (NBS) said, a marked slowdown from June’s 10.6 percent increase and below the median forecast of 10.5 percent in a Bloomberg News poll of economists. Beijing is looking to retool the economy from a reliance on investment spending and exports to one driven more by consumer demand, but the transition is proving bumpy and gross domestic product growth is slowing.

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